Retailer John Lewis Partnership has said it will not pay a staff bonus for the third year in a row despite seeing annual profits rebound higher. The employee-owned business, which runs the department store chain and Waitrose supermarket arm, posted a 73% jump in pre-tax profits to £97 million for the year to January 25. #johnlewis #waitrose
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00:00Hello, my name is Greg Wright. I'm the Deputy Business Editor of the Yorkshire Post.
00:06The John Lewis Partnership has said it will not pay a staff bonus for the third year in a row,
00:12despite seeing annual profits increase.
00:15The employee-owned business, which runs the department store chain,
00:19and the Waitrose supermarket arm, posted a 73% increase in pre-tax profits
00:25to £97 million for the year to January 25th.
00:30However, the group said it would not pay out a bonus once again for its workforce of around 73,000 people,
00:37instead saying it would prioritise another £140 million in overall pay
00:42and up to £600 million of investment in the business.
00:46My name's Greg Wright. I'm the Deputy Business Editor of the Yorkshire Post.