John Lewis has reported a strong uplift to annual sales and profits, but has said it would not pay out an employee bonus as the retailer seeks to invest further in its turnaround plan.
The employee-owned group, which includes the John Lewis department store chain and supermarket business Waitrose, posted a 73 per cent increase in profit before tax to £97mn in the year to January 25. Sales rose 3 per cent to £12.8bn, helped by Waitrose’s performance.
The retailer said it did not believe “it would be right” to pay a bonus this year as it continues to reinvest in the business to revive its fortunes, and considering that it increased pay by £114mn earlier this year.
New chair Jason Tarry said: “These are solid results, which show that our customers are responding well to our investments.”
