The John Lewis Partnership has scrapped its staff bonus for the third year in a row despite a near-tripling in profit. The company, which owns both John Lewis and Waitrose, told markets this morning that profit before tax increased from £42m to £126m over the 52 weeks to 25 January.

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.

John Lewis Partnership staff could miss out on their bonuses for another year despite analysts predicting the department store chain’s profits have tripled.

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

UK 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, and forecast more growth as its turnaround plan gains momentum.

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.