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Sharon White, chair of the John Lewis Partnership, has promised that the company will return to profit before 2026, in a speech to the Employee Ownership Association.
After three consecutive years of posting losses White stated that the five-year plan started in 2021 would “get the partnership back to sustainable profit”.
While White is confident that the company will return to profit before the end of this plan, the future of staff bonuses was less clear.
John Lewis did not pay out a staff bonus last year for only the second time since 1953 as a result of its huge losses.
White stated that the bonuses would only return “when affordable” but it is unclear what that means.
This speech comes after White’s leadership of the company was called into question by the employee-owned council; however she received enough backing to continue in her role.
White said: “The partnership continues to transform in a highly competitive and unusual market. Shaped by two once in a generation events in the past three years: a global pandemic and a cost of living crisis.
“Regrettably, many retailers did not make it. The John Lewis Partnership has come through and has a clear plan for the future. The five year Partnership Plan, which began in 2021, will get the partnership back to sustainable profit.”
She added: “I want the partnership to be a place of opportunity for people who have grown up in care in the same way that Timpsons is for ex offenders. For our customers, John Lewis and Waitrose continue to drive hard on service, quality and ethics.”
“Adapting as shopping habits continue to evolve post Covid and with a rush to value as inflation stays high. Many of our customers are prioritising travel and days out, though spending on hospitality and eating out are starting to wane. They are cost conscious but prepared to spend on the things that matter to them.”
