Retail giant the John Lewis Partnership has revealed a return to annual profit, but said it would not hand out a staff bonus once again. It said that after “careful consideration” it would not pay its workers an annual bonus for the second year running, but said it would increase overall pay for employees by a record £116 million this year.
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00:00 Hello, my name is Greg Wright and I'm the Deputy Business Editor of the Yorkshire Post.
00:06 Here are your business headlines for this morning.
00:09 The John Lewis Partnership has revealed a return to annual profit, but said it would not hand out a staff bonus once again.
00:17 The group, which owns the John Lewis department stores and Waitrose supermarket chain,
00:22 reported pre-tax profits of £56 million for the year to January 27th, against losses of £234 million in the previous year.
00:33 It said that after careful consideration, it would not pay its workers an annual bonus for the second year running,
00:40 but said it would increase overall pay for employees by a record £116 million this year.
00:47 This marks only the third time since 1953 that the group has not paid out an annual staff bonus.
00:54 It's an update from the John Lewis Partnership, it's revealed a return to profit, but it will not hand out a staff bonus once again.
01:02 My name is Greg Wright and I'm the Deputy Business Editor of the Yorkshire Post.