Nine weeks bonus for John Lewis staff
Staff at John Lewis and Waitrose are to share a bonus of £210.8m after profits jumped. The group's 84,700 staff will receive a bonus of 17%, worth almost nine weeks wages, after profits jumped 15%.8% to £452.4m. Sales climbed by 9.3% to £9.54bn in the year to 26 January.
Net debt was also reduced by more than a third to £371.9m.
'This has been a good year for the Partnership with growth in sales and profit above our expectations. Both Waitrose and John Lewis gained market share for what is now the fourth consecutive year. As a result I am delighted that 84,700 Partners will receive a bonus of 17%, equivalent to nearly nine weeks' pay,' says Charlie Mayfield, John Lewis chairman.
'We were encouraged by the acceleration in the rate of sales growth during the year, particularly in the final quarter. Although the market remains challenging, the Partnership has adapted quickly and successfully and we saw the benefits this year. We have stepped up innovation in new products, there's been a continuing focus on value and sustained and rapid growth online. This resulted in over 1.5million more customers choosing to shop with Waitrose or John Lewis than last year.'
Department store sales rose 13.5% in the year to £3.78bn with operating profit 37.2% higher at £216.7m.