The John Lewis Partnership (JLP), which oversees the Waitrose and John Lewis brands, has reported “solid results” for the full year 2024/25, as profit before tax and exceptional items tripled from £42m to £126m.
Partnership sales grew by 3% year-on-year, from £12.4bn to £12.8bn.
Despite a significant improvement in performance, JLP has decided not to pay out a staff bonus for the third year in a row, instead investing £600m into business transformation, as well as £144m into staff pay in 2025.
JLP chair Jason 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.”
Tarry added that he sees “significant opportunity” for growth for its Waitrose and John Lewis brands, but it will require “considerable catch-up investment” in stores and its supply chain.
He also highlighted the benefits of the retailer’s partnership model, where the company is owned by a trust on behalf of its employees, who are referred to as ‘partners’. Tarry described this model as a “key competitive differentiator” for JLP, enabling the business 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.”
JLP CEO Nish Kankiwala thanked its partners for their work, adding: “Both brands are showing good momentum. Our strategic investments in product innovation, quality, service and value have yielded significant improvements in customer satisfaction, attracting more customers to shop with us.”
After two years as CEO, Kankiwala is stepping back into an non-executive advisor role, as leadership of the partnership is taken over by Tarry as chair.
Kankiwala described his time as CEO as “an incredible privilege”, adding, “I am confident in the Partnership’s continued success given the momentum we have built and the opportunities that lie ahead.”
