The John Lewis Partnership has reported another year of growth. Sales, profits and customer satisfaction have all improved as the business continues its multi‑year transformation plan.
In unaudited results for the 53 weeks to 31 January 2026, the Partnership — which owns John Lewis and Waitrose — posted a 5% increase in sales to £13.4bn. Profit before tax, bonus and exceptional items rose 6% to £134m, while operating cash flow increased by £63m to £595m, helping fund expanded investment across stores, technology and partner pay.
Chairman Jason Tarry said the strategy of prioritising customers and brand strength “is working”, with both banners delivering record customer satisfaction and loyalty. Membership grew 6% for My Waitrose and 10% for My John Lewis.
The Partnership confirmed a 2% Partnership Bonus, equivalent to one week’s pay for all partners. This is the first time John Lewis colleagues have received a staff bonus since 2022.
Waitrose delivers tenth quarter of customer growth
Waitrose led on growth for the Partnership, outperforming the wider grocery market, with sales rising 7% to £8.5bn and volumes up 3%. Online orders climbed 11%, while investments in merchandising technology helped the retailer achieve record 97% on‑shelf availability.
Store refurbishments, new convenience formats and the rollout of loyalty initiative Little Treats bolstered engagement. Waitrose also announced a new 360,000 sq ft distribution centre in Bristol to support future growth.
John Lewis boosts profit and customer engagement
John Lewis reported £4.9bn in sales, up 3% year-on-year, alongside a £13m improvement in adjusted operating profit. The retailer delivered record Net Promoter Scores and continued the overhaul of its store estate, including major refurbishments in Liverpool and Bluewater.
Key growth drivers included expanding the ‘Ship from Store’ fulfilment network, the launch of 200 new brands — including an exclusive national partnership with Topshop — and increased demand for services such as Personal Styling and Nursery consultations.
The Partnership increased investment by 26% last year, modernising systems, upgrading stores and strengthening supply chain capabilities. It also exited its Build‑to‑Rent venture to refocus on its core retail strategy and secured regulatory approval to expand financial services under John Lewis Money.
With liquidity rising to £1.6bn and low external borrowing, the business says it is well-positioned to continue self‑funding investment through 2026/27, though it remains cautious about the trading outlook in a still‑subdued consumer environment.
Tarry said the Partnership remains “on track to make further progress this year” as it accelerates its multi‑year transformation.
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