John Lewis Partnership plc results for the year ended 26 January, 2013.
Financial Highlights
The John Lewis Partnership
-Gross sales of £9.54bn, up £811.8m, 9.3%
-Revenue of £8.47bn, up £706.9m, 9.1%
-Group operating profit of £452.4m up £59.1m, 15.0%
-Profit before Partnership bonus and tax of £409.6m, up £55.8m, 15.8%
-Partnership Bonus of £210.8m; 17% of salary (equal to nearly 9 weeks' pay)
-Net debt of £371.9m, down £205.4m (35.6%)
Waitrose
-Gross sales of £5.76bn, up £363.5m, 6.7%
-Like-for-like sales (excluding petrol) up 3.4% -Revenue of £5.42bn, up £343.8m, 6.8%
-Operating profit of £292.3m, up £31.7m, 12.2%
John Lewis
-Gross sales of £3.78bn, up £448.3m, 13.5%
-Like-for-like sales up 10.5% -Revenue of £3.05bn, up £363.1m, 13.5%
-johnlewis.com gross sales of £959m, up £278m, 40.8%
-Operating profit of £216.7m, up £58.8m, 37.2%
Charlie Mayfield, Chairman of John Lewis Partnership, commented:
'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 9 weeks' pay.
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 1.5 million more customers choosing to shop with Waitrose or John Lewis than last year.
We see this as a time of significant opportunity in a changing market. Behind the scenes, therefore, there's a quiet revolution underway in our supply chain, IT and support functions. Our investment in these areas is up substantially and that commitment continues into 2013. In recent years, the Partnership has consciously invested to have the right skills, systems and organisational structures to be able to offer customers what they want in a fast-changing market.'
