The group is expected to reveal a £25m profit this week, but it’s mostly thanks to rising revenues at Waitrose

It is well over a decade since John Lewis staff last gathered in its cavernous Oxford Street store to cheer the announcement of a bumper annual bonus. Workers could be forgiven for booing instead this week if, as expected, the company announces the third missed bonus in four years.

The owner of John Lewis and Waitrose is expected to announce that it has bounced back into the black when it unveils annual results on Thursday – but workers are unlikely to see a payout. The staff-owned company, whose 34 department stores and 329 supermarkets employ 74,000 people, is struggling to compete with a revived Marks & Spencer, Boots and Sainsbury’s as well as fast-growing, newer businesses such as Dunelm, Amazon and Home Bargains.