A HIGH street stalwart is axing annual company bonuses for the third year running.
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 £97million for the year to January 25.
On an underlying basis, profits tripled to £126million from £42million a year ago.
But the group said it would not pay out a bonus once again for its workforce of around 73,000 people.
Instead, it will prioritise another £114million in overall pay and up to £600million of investment in the business.
Earlier this month, it was announced that staff would receive a 7.4% pay rise in an effort to improve retention.
John Lewis said this will see the minimum rate of pay climb to £12.40 an hour, and to £13.85 for workers in London.
The pay increases are ahead of inflation, and follow retailers Marks & Spencer, B&Q, Sainsbury's, Lidl and Costa Coffee, among others, are making similar moves.
Nonetheless, today's announcement marks only the fourth occasion since 1953 that John Lewis has chosen not to award staff a bonus.
It said: "After careful consideration, we have prioritised this investment over sharing a bonus this year."
Jason Tarry, who took over as chairman of the John Lewis Partnership from Dame Sharon White last September, said: "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.
"This will involve considerable catch-up investment in our stores and supply chain."
The group said it expects a further rise in profits in the 2025-26 financial year, despite warning that it expects the wider economic backdrop "to be challenging for our customers and our business".
AT John Lewis, every employee is a co-owner, known as a Partner.
This unique model means Partners share in the company's profits and have a voice in how the business is run.
This shared responsibility boosts productivity and job satisfaction, as Partners are invested in the company's success.
The John Lewis Partnership, encompassing John Lewis department stores and Waitrose supermarkets, was founded in 1929 by John Spedan Lewis, who transferred ownership to a trust for the benefit of employees.
This structure ensures the company prioritises long-term growth and Partner well-being over short-term profits.
Partners have access to various benefits, including subsidised leisure activities and exclusive hotels.
The democratic structure allows every Partner to question the leadership team, ensuring transparency and accountability.
In February, John Lewis unveiled a new partnership featuring an array of new brands, including a fashion label backed by Harry Styles, as part of its effort to enhance its style credentials.
The historic retailer said it is working with 49 new brands for its spring and summer 2025 collection, as part of efforts to revive clothing sales.
It said the choice of new labels also reflects a customer shift towards "more exciting" menswear lines.
John Lewis's fashion director, Rachel Morgans, said the brands and products should make customers "sit up and take notice".
The retailer said the launch of new designers is part of an effort "to modernise its offer" under recently appointed boss Peter Ruis.
The new brands include SS Daley, founded by London-based designer Steven Stokey-Daley.
Styles invested in the label last year after the designer was asked to dress the former One Direction star for the video for his song Golden.
Other new additions include Scandi brands NN07, a favourite of actor Jeremy Allen Scott, and Norse Projects.
Following the new launches, John Lewis will sell around 350 fashion brands, alongside its own-label ranges.
The retailer is also expanding ranges from existing label with exclusive lines from Barbour, Gant and Ralph Lauren's "Polo Bear" collection.
Ms Morgans said: "Our fashion range certainly isn’t ‘as it was’ – we’ve still got the quality that people value but are introducing sharper designs from exciting new designers, which will make our customers sit up and take notice.
"Designs from the likes of SS Daley are the types of pieces that make people stop and ask 'Where did you get that?'."
6,000.000+downloads/Free/Bengali/Version2.3.4
777 BDT IPL 2025 Sports First Deposit Bonus
