Retailer John Lewis has said its staff will not received a bonus for the third year in a row, despite reporting a jump in annual profits.
The retail partnership, which also includes the Waitrose supermarket chain, said profits last year rose by 73% to £97m.
However, it has not restored the staff bonus, saying its wants to invest in its business and workers’ pay instead.
The John Lewis Partnership employs about 73,000 people, and earlier this month it said shop workers would receive a 7.4% pay rise this year.
The results are the first under the partnership’s new chairman, Jason Tarry.
“We have made good progress with much more still to do,” Mr Tarry said.
“Looking forward, I see significant opportunity for growth from both our Waitrose and John Lewis brands.”
Waitrose sales grew 4.4% to £8bn, and it sold more of its own-brand products.
John Lewis said that while it expected the economic environment to be “challenging for our customers and our business” in the year ahead, it was still confident it could push up profits.
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