John Lewis back in profit but no bonus for staff

The retailer reports pre-tax profits of £56m but drops its staff bonus for the second year running.
John Lewis back in profit but no bonus for staff
John LewisGetty Images

John Lewis has reported a return to profit, but it will not pay its staff a bonus for the second year in a row.

The retail partnership, which also owns Waitrose supermarkets, reported a pre-tax annual profit of £56m compared with a £234m loss the year before.

However, it said it would not pay a bonus as it was increasing overall pay and investing in the business.

In January, John Lewis said it was planning to cut the size of its workforce over the next five years.

The partnership said that a million more customers shopped in its stores last year, spending £12.4bn – up 1% on last year.

Sales at Waitrose rose by 5% to £7.7bn, with a record number of customers choosing to shop at supermarket chain, it said.

However, spending in its John Lewis stores was down 4% to £4.8bn.

Sales of fashion and beauty products did well, but it saw weaker sales in home and technology.

Source: bbc.co.uk

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