John Lewis has restored its partnership bonus and awarded staff 3% of their salary after headline profits recovered following two years of painful decisions for the retailer (The Times £). John Lewis has returned to paying its employees a full-year bonus and will starting paying the “real living wage” this year after sales at its department stores recovered to their highest-ever levels and cost cuts boosted profit (The Financial Times £). The John Lewis Partnership has restored its bonus and committed to pay the voluntary living wage, alongside a wider pay rise, as it eyes the surge in the cost of living (Sky News). John Lewis brings back staff bonuses as shoppers flock to its department stores sending sales to record high (The Daily Mail).

The boss of John Lewis has warned it is facing “permanent” inflation following Russia’s invasion of Ukraine as it restored its staff bonus and increased pay as the cost-of-living surges (The Telegraph). She warned the situation in Ukraine meant that inflation in costs was likely to be “more persistent and at a higher level” than previously expected, affecting John Lewis and Waitrose (The Guardian).

A return of Waitrose’s popular free coffee for loyalty card members will be trialled in some stores. The free hot drink for members of the myWaitrose scheme was scrapped at the start of the coronavirus pandemic. (The BBC)

Steve Rowe, the chief executive who grew up with Marks & Spencer as man and boy, is leaving the business after claiming that the “hard yards” of his turnaround have been done (The Times £). Rowe, who has been with the retailer since he was 15, said it was the “right time to pass on the baton” after what he described as an “extraordinary transformation programme” over the past few years (The Financial Times £). Marks & Spencer’s chief executive, Steve Rowe, is stepping down in May after nearly 40 years at the business he joined straight from school (The Guardian).

Chairman of Marks & Spencer Archie Norman said Steve Rowe, the retailer’s chief executive, had been a “magnificent servant” of the business after taking control at a time when it was in “parlous shape” (Sky News). Rowe’s tenure as boss saw the revival of the M&S food business, including the joint venture with Ocado, the return of profitable growth within its international business and an overhaul of its organisational structure (The Daily Mail).

Marks & Spencer was accused of serving up “M&S fudge” as it appointed two co-chief executives after boss Steve Rowe announced plans to quit (The Telegraph). It appeared to appoint its first female boss, saying Katie Bickerstaffe would become co-chief executive. But it drew criticism for naming Stuart Machin chief executive, with sources stressing the 51-year-old would be ultimately in charge of the business (The Daily Mail).

UK food prices will rise as a result of the war in Ukraine, the National Farmers’ Union (NFU) has warned. Some 30% of the world’s wheat comes from Ukraine and Russia and exports will stop during the conflict, it says. (The BBC)

From rationed sunflower oil in Spanish supermarkets to pricier sushi in Japan, the war in Ukraine is rippling across global dining tables. Russia and Ukraine exports account for 12 per cent of total calories traded in the world, according to the International Food Policy Research Institute. North Africa and the Middle East rely on these countries for half their cereal. (The Financial Times £)

Vladimir Putin’s invasion of Ukraine has led to an exodus of well-known western brands from Russia, but not every company has joined the rush. Those multinationals that manufacture products that Russians rely on for daily life, from food through baby formula to personal care items, have wrestled with the decision on whether to stay (The Financial Times £). The Telegraph looks at the companies that are still trading with Russia despite pressure to pull out, including Danone, Kellogg’s and Kraft Heinz (The Telegraph).

American inflation accelerated to a four-decade high last month as rent, fuel and food costs climbed even before Russia’s invasion of Ukraine triggered a sharp rise in energy prices (The Times £). US inflation surged to a new four-decade high last month according to the latest official figures - even before the latest oil price spikes that threaten to worsen cost of living woes (Sky News). Price increases in the US continued to surge last month, pushing the annual inflation rate up 7.9% (The BBC).

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