John Lewis Partnership announces increased profits, 18% partner bonus
Licensed archive · Attributed source reporting
411 Brief
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
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 & reporting note
Licensed archive reporting by Wikinews contributors. Text: CC BY 2.5 (https://creativecommons.org/licenses/by/2.5/). Original source date retained. 411 has not independently verified this archive report.
Read the source: Wikinews ↗Source published 8 Mar 2007, 05:30 am IST
