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

Growth has ground to a halt, manufacturing is collapsing, and the government is desperately scratching around for ways to save some money so it can balance the books. There is not much to make

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.

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

The John Lewis Partnership and Currys on Thursday became the latest major British retailers to give their staff inflation-beating pay rises which only partly reflect a hike in the government-mandated minimum wage.