A major increase in profits at John Lewis and Waitrose will not see a return of the partnership’s annual bonus, it has been claimed.
Retail analyst Nick Bubb told The Times that he expected pre-tax profits to increase from £42m to £120m. However, this will fail to meet the target of £131m it had set, according to a report in The Telegraph in January.
JLP has previously warned staff that it would not issue a staff bonus unless it reached £150m in pre-tax profits.
Bubb says a profit of £120m ‘would normally leave room for a small partnership bonus to be declared,’ but this was unlikely after it raised pay levels.
The group will release its financial results on Thursday.
