Today’s news in brief-13/3/25

John Lewis Partnership has announced that its staff will not receive a bonus for the third consecutive year, despite tripling its full-year profits from £42m to £126m. Instead, the company is investing £114m into staff pay, building on a £116m increase in 2024, and up to £600m in business transformation. Overall sales rose by 3% to £12.8bn, with Waitrose seeing a 4.4% increase in sales to £8bn, driven by improved food quality and lower prices. John Lewis sales remained steady at £4.8bn, with a marked improvement in the second half of the year. The group cited a focus on customer experience, store refurbishments, and supply chain modernisation as priorities.

Pets at Home has placed 2,500 jobs under consultation as part of a restructuring plan aimed at simplifying its business model. The retailer plans to reduce staff levels from three to two, introducing new roles such as pets customer experts, and streamlining management to store and deputy managers. The company emphasised that the move is not about cutting jobs but creating a more efficient retail business, with a £7m investment in staff pay.

Hobbycraft owner Modella Capital is reportedly exploring a potential restructuring, including a company voluntary arrangement (CVA), to address challenges at the craft retailer. The process, still in early stages, could involve store closures or rent reductions. Modella, which acquired Hobbycraft in 2024, is also bidding for WH Smith’s high street arm.

DFS Furniture has reported a surge in profits, with underlying profit before tax nearly doubling to £17m in H1 FY25, despite flat revenue growth of 0.1% to £504.5m. The group’s order intake grew by 10.1%, with strong trading continuing into the second half. CEO Tim Stacey expressed confidence in achieving the £1.4bn full-year revenue target and an 8% profit before tax goal, citing strong market positioning and operational excellence.

Fossil Group has appointed Randy Greben as its new chief financial officer, effective 17 March. Greben, with extensive experience in financial leadership and business transformations, will focus on Fossil’s financial turnaround and long-term growth. He replaces interim CFO Andrew Skobe and brings a track record of success from roles at Casper Sleep, Blue Apron, and ANN Inc.