John Lewis Partnership is considering reinstating its staff bonus for the first time in four years as it is on track to deliver higher profits.
The retail giant, which also owns Waitrose, said in an internal update that if profits topped £200m then “we would recommend to the board that we pay a bonus”, The Financial Times reported.
It comes as the retailer saw its profit triple to £126m in the year to 25 January as sales topped £12.8m. However, the group denied paying out a staff bonus as it “prioritised” higher pay.
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In an internal update, John Lewis informed its 69,000 employees that it is “aiming to make over £200mn profit” for the current financial year and that “to get there we need to keep focused on the right things and deliver our plans”.
The partnership first cancelled its staff bonus in 2020 for the first time since 1953. The prized payout was briefly reinstated in 2022 but has not been paid since amid more challenging trading environment.
The move has angered some partners, with staff launching a petition earlier this year calling on bosses to bring back bonuses.
“The bonus meant something more than just money. It was a sign that the company saw and appreciated us,” the open letter said.
At the time, John Lewis promised to reinstate the partner bonus “as soon as possible”.
A John Lewis spokesman said: “As we said at our full year results in March, we expect to increase our profitability in the coming year.”
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