John Lewis Partnership has returned to profit, posting total group sales of £12.4bn and a profit before tax and exceptional items of £42m, which is up from the £78m loss recorded for 2022/23. The business has decided not to award its partners a bonus but says that it is increasing overall pay in 2024 at a cost of £114m.
Sharon White, chair of John Lewis Partnership, said: “We have made significant progress in the last year to return the business to profitability and delivered results that allow us to increase investment in our retail businesses; we expect profits to grow further this year. This shows our plan is working, while we know there’s much more to do.”
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