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 has announced that its staff will not receive a bonus, despite a 73% jump in profits.

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.

British retailer the John Lewis Partnership reported a trebling in annual profit, driven by a better performance in its food business, and said it was well placed for further growth this year, showing its turnaround plan has momentum.

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

It follows other retailers such as Marks and Spencer, Currys and B&Q which have announced plans to lift store staff's pay this week.

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

The John Lewis Partnership (JLP), parent company of Waitrose and John Lewis, has reported that its profit before tax and exceptional items has increased threefold, rising to £126m ($163.12m) from £42m during the fiscal year 2024/2025.