Your browser is no longer supported. For the best experience of this website, please upgrade to a newer version or another browser.

Your browser appears to have cookies disabled. For the best experience of this website, please enable cookies in your browser

We'll assume we have your consent to use cookies, for example so you won't need to log in each time you visit our site.
Learn more

10% bonus for John Lewis staff despite profit drop

John Lewis announced this morning that all its staff will receive a bonus of 10% of their annual salary, despite profits at the department store chain slipping 10.9% to £305.5m. 

john lewis bonus

John Lewis staff to receive 10% bonus

The group said profits before tax and exceptional items were down “in line with expectations” as a result of higher pension charges arising from “volatility in the market” and lower property profits.

Operating profit excluding property profits at John Lewis edged up 0.7% for the 52 weeks to January 30.

Gross sales at John Lewis were up 2.8% for the year to £4.5bn, while like-for-like sales were up 3.1%.

Online sales were up 17% for the year at the group, while shop sales fell 1%.

Sir Charlie Mayfield, chairman of John Lewis Partnership, which includes supermarket chain Waitrose, said the group delivered “a healthy trading performance” and increased market share in “challenging conditions”.

“Although profit before tax and exceptionals was down by 10.9% on last year, that was entirely due to higher pension charges arising from volatility in the market-driven assumptions, and lower property profits. Excluding these, our profits were around 7% up on last year which, together with a strengthening balance sheet, represents good progress over the year.”

He added: “In John Lewis we achieved sales growth and market share gains in fashion, home and electricals, and home technology, and an increase in profits. Online sales growth was especially strong at 17%, and although sales in shops were down 1%, our results were very much a result of the effective combination of shops and online, demonstrated by the fact that more than three-quarters of our customers made a purchase from one of our shops.”

Have your say

You must sign in to make a comment

Please remember that the submission of any material is governed by our Terms and Conditions and by submitting material you confirm your agreement to these Terms and Conditions. Links may be included in your comments but HTML is not permitted.