Getty PhotosRetailer John Lewis has stated its workers is not going to obtain a bonus for the third yr in a row, regardless of reporting a soar in annual income.
The worker-owned retail partnership, which additionally contains the Waitrose grocery store chain, stated income final yr rose by 73% to £97m.
Nevertheless, it has not restored the workers bonus, saying its needs to put money into its enterprise and staff’ pay as an alternative.
The John Lewis Partnership employs about 73,000 folks, and earlier this month it stated store staff would obtain a 7.4% pay rise this yr.
The outcomes are the primary beneath the partnership’s new chairman, Jason Tarry.
“We’ve got made good progress with far more nonetheless to do,” Mr Tarry stated.
“Trying ahead, I see important alternative for development from each our Waitrose and John Lewis manufacturers.”
Waitrose gross sales grew 4.4% to £8bn, and it bought extra of its own-brand merchandise.
John Lewis stated that whereas it anticipated the financial setting to be “difficult for our clients and our enterprise” within the yr forward, it was nonetheless assured it might push up income.
That is the fourth time in 5 years that John Lewis has not paid a bonus.
The string of freezes began in 2020 – the primary time it had scrapped them since 1953 – after it was hit by Covid lockdown retailer closures.
Charles Allen, a Bloomberg Intelligence analyst, stated the shortage of bonus “had been signalled”.
“I additionally suppose now we have to place within the gentle of one other large pay elevate that is coming by way of in step with the minimal wage soar.
“After which after all, though the companions do not see it, you have acquired a really massive rise in employer nationwide insurance coverage as properly.”
