John Lewis profits up
JOHN Lewis, which is next month opening a new £15 million store in York, has reported a £4 billion rise in sales as operating profit grew 4.3 per cent.
Overall the John Lewis Partnership, which also includes Waitrose, saw gross sales exceed £10 billion and revenue pass the £9 billion mark.
In its full-year results to January 25, 2014, the Partnership reported net debt of £485.8 million, up £113.9 million from 2012, with a pension deficit of £1 billion.
The results were hit by a £47.3 million ‘exceptional item’ loss, attributed to a review of holiday pay policy. Due to the business’s employee ownership arrangements the results saw its staff, known as partners, receive a bonus of £202.5 million, the equivalent of 15 per cent of salary, or almost eight week’s pay.
The Monks Cross store is due to open on April 10.
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