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John Lewis Partnership has scrapped its annual bonus for staff at John Lewis and Waitrose for the third year in a row, despite the retailer tripling its annual profits.
The group’s sales were up 3% to £12.8bn in the year to 25 January, though all the growth came from Waitrose.
Profits before bonuses, tax and exceptional items came to £126m, up from £42m the year before.
The partnership said it was prioritising investment over a bonus as its turnaround continued.
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Morning update
Deliveroo achieved its first-ever annual profit last year and is expecting more growth despite an uncertain consumer environment.
The FTSE 250-listed company recorded a profit of £2.9m, compared with a loss of £31.8m the previous year. Its gross transaction value (GTV) was up 6% to £7.4bn.
Co-founder and CEO Will Shu today said the results show the company’s “strategy is working”.
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Magners owner C&C Group expects full-year earnings to be “modestly below” expectations after softer trading at the start of the year.
Underlying EBIT was expected to be between €76m-€78m (£64m-£66m), up from the €60m reported in the year prior but below the target of €80m previously guided for, the business said.
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