£97m profit for John Lewis but no staff bonus

JOHN Lewis workers will be denied a staff bonus for the third year in a row, despite the retail giant’s profits leap-ing by 73%.

- Max Parry

The employee-owned business, which runs John Lewis department stores and the firm’s Waitrose supermarket arm, posted pre-tax profits of £97million for the year to January 25.

Once exceptional one-off payments were removed from the figures, its profits had tripled to £126million from £42million a year ago.

But the group said “after careful consid-eration”, instead of a bonus for its 73,000 workforce, it would “pri-oritise” another £114mil-lion in overall pay and up to £600million of invest-ment in the business.