John Lewis returns to profit but staff miss out on bonus again and job cuts loom


John Lewis has returned to profit for the first time in three years but staff face another year with no bonus.

The company behind Waitrose grocery shops and the John Lewis department stores recorded a profit of £56m, after a loss of £234m in the previous financial year.

The John Lewis Partnership is employee-owned by permanent staff, known as partners. Those partners typically get an annual bonus payment but were disappointed again this year.

This marks only the third time since 1953 that the group has not paid out an annual staff bonus.

But the firm said it was investing in its retail businesses and in staff base pay.

Pay could be increased by a record £116m this year, the company says.

The return to profit was largely driven through Waitrose, after a million more customers shopped with the partnership through the last year, totalling 22.6 million shoppers.

More on John Lewis

Waitrose profits grew by 19%, while at John Lewis profits were up by just 2%.

Similarly, at Waitrose sales were up 5% on the year before, while John Lewis department store sales dropped 4%.

The profit figures were due to selling more items, better margins and “sustainable productivity improvements”.

This breaking news story is being updated and more details will be published shortly.

Please refresh the page for the fullest version.

You can receive breaking news alerts on a smartphone or tablet via the Sky News app. You can also follow @SkyNews on X or subscribe to our YouTube channel to keep up with the latest news.

Articles You May Like

‘We all know what Rafa is capable of’: Can Nadal get back to top form for the French Open?
Families of victims to be paid from OJ Simpson’s estate, executor of will suggests
How Spotify AI plans to know what’s going on inside your head, and find the right track for it
Taylor Swift reveals ‘secret’ double album in ‘2am surprise’
White House will ‘make sure gas prices remain affordable’ heading into summer, Biden advisor says