- The John Lewis Partnership is set to award its employees an annual bonus of 2 per cent for the first time in four years, indicating progress in its turnaround strategy.
- This decision follows a 6 per cent increase in profits before tax, bonus, and exceptional items, reaching £134 million, alongside a 5 per cent rise in overall sales to £13.4 billion.
- Despite the positive sales and underlying profit growth, the partnership recorded a pre-tax loss of £21 million, primarily due to exceptional charges related to outdated technology systems.
- The company maintains a cautious outlook for the current financial year, citing a challenging macroeconomic environment as a potential headwind.
- The partnership has abandoned its plans to build around 10,000 rental properties, opting instead to focus on its core retail business and investing £800 million in store refurbishments.
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