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.
It should not be confused with the Liverpool store Lewis's which has recently gone into receivership.
Sources
[edit]- Press Release: "John Lewis Partnership results for the year ended 27 January 2007" — John Lewis Partnership, March 8, 2007
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