John Lewis staff denied bonus despite retailer tripling profits

John Lewis has tripled its annual profits, but staff at the employee-owned retail group that includes the Waitrose supermarket chain have missed out on a bonus for a third consecutive year.

- Sarah Butler

The John Lewis Partnership said group sales rose 3% to £12.8bn in the 12 months to 25 January, as underlying profit increased from £42m to £126m and sales growth picked up through December and January.

However, the company said it was prioritising investment over the bonus with plans to spend £600m on new Waitrose stores, more technology, revamping beauty halls in its Solihull, Bluewater and Liverpool department stores and improving its supply network.

Jason Tarry, the chair of the John Lewis Partnership, 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."