John Lewis Partnership delivers tripled profits as it continues its transformation
The John Lewis Partnership has seen its full year profit triple as its ongoing transformation delivered “solid progress”.
In the year to 25 January 2025, pre-tax profit before exceptional items surged to £126 million from £42 million in the prior year.
Meanwhile, pre-tax profit climbed by 73% to £97 million as sales rose by 3% year-on-year to £12.8 billion.
The performance was boosted by sales growing by 4.4% to £8 billion at Waitrose with volumes increasing by 2.6%. During the period, the retailer benefited from its investment in a quality food proposition and lower prices, as well as improvements in technology and availability.
Never Miss a Retail Update!Sales at the John Lewis department store were in line with last year at £4.8 billion in what was a pivotal for the business. The retailer has been focusing on providing better value through the return of its Never Knowingly Undersold promise as well as improved customer service and product ranges.
This year, the partnership is investing a further £114 million in partners’ pay as it keeps its bonus freeze.
Jason Tarry, chairman of the John Lewis Partnership, 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.”
He added: “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.”
