John Lewis is awarding its staff a bonus for the first time in four years as the retailer continues its turnaround. The partnership, which operates the eponymous department store chain and Waitrose supermarkets, said underlying profits had grown during its last financial year. The 2% bonus, equivalent to an extra week's pay, will be the first its staff have received since 2022. It was scrapped during the Covid pandemic when the business underwent a major revamp which included shutting shops and cutting jobs. Looking ahead, John Lewis said it remained "cautious" for the current year but was in a stronger position financially "to navigate the challenging macroeconomic environment". The latest results show the business reported a pre-tax loss of £21m, due to £120m worth of one-off costs which mainly related to write-downs in the value of old tech systems. But underlying profits rose 6% to £134m. Sales across the business rose by 5% to £13.4bn. Sales growth was higher at Waitrose compared to John Lewis. Supermarket sales grew by 7% to £8.5bn in the year to the end of January compared to a 3% increase to £4.9bn at its department stores.
BBQ - Is a bonus the best way of motivating staff?
