The John Lewis Partnership (JLP) is set to announce its first annual staff bonus since 2022 when it reports full-year results on Thursday. The employee-owned group, which operates John Lewis department stores and Waitrose supermarkets, will reveal whether workers will receive a bonus for the year to January.
JLP has not paid an annual bonus since early 2022, following a major turnaround strategy that included store closures and job cuts after the pandemic. Last year, despite tripling underlying profits to £126m, the company opted not to pay a bonus. However, last summer it indicated that staff could be in line for a payout if profits exceeded a £200m target.
The decision comes after frustrated workers signed an open letter calling for the bonus to be reinstated. At its peak in the 1980s, the bonus was worth up to 24% of salaries. Last month, JLP announced a 6.9% pay rise for shop floor staff as part of a £108m investment in its workforce.
Chairman Jason Tarry will also update on the group's transformation strategy, which has focused on store investment and retail operations. JLP has spent £800m refurbishing 23 Waitrose and five John Lewis stores, and launched the Topshop brand across all 32 department stores. The company recently abandoned plans to build 10,000 rental properties, citing higher costs and a cautious property market.
