Underlying pretax profit of 42 mln stg
To stepup investment to 542 mln stg
No staff bonus
No longer has target for scale of broader business

LONDON, March 14 Reuters Britain39;s John Lewis Partnership on Thursday reported a return to annual profit due to improved trading in its food business and cost savings, and forecast further improvement this year.

The employeeowned retailer, which runs John Lewis department stores and the Waitrose supermarket chain, said it would step up investment in 202425 to 542 million pounds 694 million from 312 million pounds in 202324.

It will also spend 116 million pounds on higher pay for its 76,000 staff, known as partners, who received no bonus for a second straight year for 202324.

Chairman Sharon White, who is stepping down in 2025 having decided not to seek a second term of office, warned in September that her turnaround plan would take two years longer than originally forecast due to inflationary pressures and greater than expected investment requirements.

The partnership made a profit before tax and exceptional items of 42 million pounds in the year to Jan. 27 2024, versus a loss of 78 million pounds in the previous year.

Total sales rose 1 to 12.4 billion pounds, as one million more customers shopped with the group. Waitrose sales were up 5 to 7.7 billion pounds but department store sales fell 4 to 4.8 billion pounds.

Productivity improvements were 111 million pounds, the partnership said.

In 202324, our focus has been…