UK retail group says it plans to increase investment rather than pay staff a bonus
The owner of John Lewis and Waitrose has returned to profit after three years of losses as it scrapped targets to derive almost half of its earnings from outside retail by 2030. Photograph: Mike Egerton/PA WireThe owner of John Lewis and Waitrose has returned to profit after three years of losses as it scrapped targets to derive almost half of its earnings from outside retail by 2030.
On Thursday, she blamed high interest rates and inflation for the decision to remove the targets but insisted both divisions were important for the long-term profitability of the UK’s largest employee-owned business.Drive to subscribe: Irish firm hopes to get motorists to rent EVs by the month“The family of complementary businesses . . . will continue to be really important for the partnership, so this is not an ‘either or’,” she added.
Supermarket chain Waitrose helped drive the improvement as it lifted prices, offsetting a weaker performance from department store John Lewis. White said there were no specific targets for redundancies, adding that as the retailer became simpler and more flexible, “that will mean that there’s less need for some roles over the coming years”.
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