John Lewis Partnership announces increased profits, 18% partner bonus
Thursday, March 8, 2007
The John Lewis Partnership retail group announced massively increased profits this morning, with group sales up 11% on the financial year to £6.4billion ($12.3billion) and pre-tax profits up 27% to £319million ($614.8 million).
On the back of this, it was announced that the amount of money set aside from profits for the employees of the business would rise 29% to £155million, with each employee receiving 18% of their previous year's salary as a lump sum as part of their March pay package.
The Partnership, as the name implies, is effectively wholly owned by its own employees (termed "partners"), with all partners receiving a share of the profits yearly as a bonus along with various other benefits. The company owns the John Lewis chain of department stores and the upmarket supermarket chain Waitrose.
- Press Release: "John Lewis Partnership results for the year ended 27 January 2007" — John Lewis Partnership, March 8, 2007
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