The rise in profits will enable the retailer to pay its 81,000 staff a bonus of between 15% and 16% of their salaries for the year to January 26.
This is higher than last year's payout of 14%, equal to eight weeks pay. But it's down from the 18% awarded two years ago.
Independent retail analyst Nick Bubb said he expected John Lewis to post a 17% rise in pre-tax profits to £415m, with overall sales up 10% to £8.5 billion in the year to January.
The firm also announced plans last week to spend £32m revamping stores this year.