John Lewis Partnership has signalled more roles could be cut over the coming year despite reporting a return to profit in 2023.
Following an £88 million economy drive, which aided a return to a £56 million profit in 2023 from a £234 million loss beforehand, chief executive Nish Kankiwala said layoffs had taken place last year and could be used again in the months ahead.
A “few hundred” roles were axed last year as part of the wider cost-saving effort, Kankiwala confirmed on Thursday, which also included not replacing some staff that had left.
Cost cuts of a “similar magnitude” were being sought this year, he added to the PA news agency, signalling further layoffs could be on the cards.
“We’re looking at all the opportunities as we improve our ways of working and if there is eventually a reduction in roles, then we’ll use attrition in the same way as we have done in the past,” he said.
“If there are unfortunately, regrettably, redundancies then we’ll talk to our partners first.”
Chair Sharon White acknowledged that there would “be less need for some roles” as part of the Waitrose and John Lewis owner's latest strategic shift, meanwhile.
This comes after the retail giant confirmed staff would not be paid a bonus for the second year running in Thursday’s results, with plans instead being made to invest in the likes of store openings and refurbishments.