The retail giant partnership which includes John Lewis has revealed its profits rocketed by 73% last year to just shy of £100million.
The partnership’s new chairman Jason Tarry has vowed to reinvest the profits in the business and in raising staff wages.
That comes instead of a reintroduction of staff bonuses, which will remain frozen for a third consecutive year.
The partnership, which also includes supermarket Waitrose, employs around 73,000 people and recently said it planned to raise shop staff wages by 7.4%.
As the partnership announced its full year results, including the £97million profit, Mr Tarry said: "These are solid results, which show that our customers are responding well to our investments in quality products, value and service. We have made good progress with much more still to do.
"Looking forward, I see significant opportunity for growth from both our Waitrose and John Lewis brands. Our focus will be on enhancing what makes these brands truly special for our customers. This will involve considerable catch-up investment in our stores and supply chain, underpinned by a strong focus on the core elements of great retail, delivered by our brilliant Partners.
"Our distinct Partnership model stands out as a key competitive differentiator, enabling us to adopt a long-term perspective. I am confident with the transformation momentum in the Partnership, we remain well placed to drive further growth in the year ahead and over the longer term - creating a Partnership that our customers and Partners are truly proud of."
FTSE 100
The UK's flagship share index, the FTSE 100, was up 24-points at 8,542 shortly after opening this morning.
Brent crude oil futures were up 0.07%, trading at $70.93 a barrel.
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Deliveroo | Full Year Results |
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OSB Group | Full Year Results |
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Trainline | Full Year Trading Statement |
Volution Group | Half Year Results |