John Lewis Partnership has tripled its profits to £126 million but has announced its staff won’t be receiving a bonus for the third consecutive year.
The employee-owned group reported that sales rose three per cent to £12.8 billion in the 52 weeks to 25 January, and a 4.4 per cent uplift in sales across Waitrose to £8 billion.
The Partnership attributed the growth to its £61 million investment into lowering prices, improved quality food proposition and its store modernisation programme, which saw it refurbish 14 stores last year.
JLP Chair, Jason Tarry, said: “These are solid results, which show that our customers are responding well to our investments in quality products, value and service. We have made good progress with much more still to do.
“Looking forward, I see significant opportunity for growth from both our Waitrose and John Lewis brands. Our focus will be on enhancing what makes these brands truly special for our customers.
“This will involve considerable catch-up investment in our stores and supply chain, underpinned by a strong focus on the core elements of great retail, delivered by our brilliant Partners.”
John Lewis reported 4.1 per cent uplift in Christmas sales over the eight-week peak period, and said that the relaunch of its Never Knowingly Undersold pledge has driven incremental sales and attracted new customers.
“We’ve consistently said that at this point in our transformation, this is best served by investing in our retail businesses and in Partners’ base pay,” Mr Tarry said. “So after careful consideration, we do not believe it would be right to award a Partnership Bonus this year.”
