John Lewis: Profits And Bonuses Rise Strongly
More than 80,000 John Lewis and Waitrose staff have netted bonuses worth 17% of their salaries - almost nine weeks' pay.
The John Lewis Partnership announced the bonus pot of £210.8m as it confirmed it had returned to profit growth in its last financial year, with group profits rising almost 16% to £409.6m.
It credited rapid growth online as being a major part of that success, saying its investment had resulted in over 1.5 million more customers choosing to shop with Waitrose or John Lewis than last year.
The Partnership recently announced an expansion of its collection network to support its online operations.
Chairman Charlie Mayfield said: "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%.
"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."
Retailers with strong online operations were the big winners over the festive season as the likes of Jessops and Comet fell by the wayside.
John Lewis as a group created 3,800 net new jobs over the 12 months as other retail sectors shed employment amid falling high street sales.