John Lewis staff miss out on bonus for third year running despite increase in profits

Yorkshire Post

Retailer John Lewis Partnership has said it will not pay a staff bonus for the third year in a row despite seeing annual profits rebound higher. The employee-owned business, which runs the department store chain and Waitrose supermarket arm, posted a 73% jump in pre-tax profits to £97 million for the year to January 25. #johnlewis #waitrose

Transcript

00:00Hello, my name is Greg Wright. I'm the Deputy Business Editor of the Yorkshire Post.

00:06The John Lewis Partnership has said it will not pay a staff bonus for the third year in a row,

00:12despite seeing annual profits increase.

00:15The employee-owned business, which runs the department store chain,

00:19and the Waitrose supermarket arm, posted a 73% increase in pre-tax profits

00:25to £97 million for the year to January 25th.

00:30However, the group said it would not pay out a bonus once again for its workforce of around 73,000 people,

00:37instead saying it would prioritise another £140 million in overall pay

00:42and up to £600 million of investment in the business.

00:46My name's Greg Wright. I'm the Deputy Business Editor of the Yorkshire Post.

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