Retailer John Lewis has said its staff will not received a bonus for the third year in a row, despite reporting a jump in annual profits. The retail partnership, which also includes the Waitrose supermarket chain, said profits last year rose by 73% to £97m.

By James Davey LONDON (Reuters) -British retailer John Lewis Partnership said it would accelerate investment this year as it reported a trebling in annual profit, driven by an improvement in its food business,

John Lewis Partnership has said it will not pay a staff bonus for the third year in a row despite seeing a sizeable upturn in profit. The employee-owned business, which runs the department store chain and Waitrose supermarket arm, posted a 73 per cent jump in pre-tax profits to £97million for the year to 25 January.

Retailer John Lewis has continued its freeze on bonuses despite profits jumping 73% to £97m. It said it wanted to invest in its business and employee base pay instead. This is the fourth time in five years it has not paid a bonus.

John Lewis staff will not receive a bonus for the third consecutive year, despite the retailer reporting a substantial rebound in annual profits.

John Lewis said it plans to "step up" its transformation plan this year, backed by a self-funded investment of £600m.

John Lewis Partnership has decided not to pay staff an annual bonus despite profits rising threefold on the back of investment in the business.

British retailer the John Lewis Partnership has reported a trebling in annual profit, driven by a better performance in its food business.

John Lewis Partnership has tripled its profits to £126m but staff at the employee-owned group have missed out on a bonus once again.