John Lewis, the employee-owned company behind Waitrose, has reported a profit of 56 million after a 234 million loss in the previous year. Despite returning to profit, staff will not receive a bonus for the second year in a row. The firm plans to invest in retail businesses, increase staff base pay by 116 million, and cut costs by 88 million. The company saw increased sales at Waitrose but a drop in John Lewis department store sales. Plans include opening new Waitrose shops, refurbishing existing outlets, and adding new brands to department stores.
Angharad Carrick
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Sky News