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John Lewis Partnership to disburse £210.8m as employee bonus

RBR Staff Writer Published 08 March 2013

UK-based retail major John Lewis has announced £210.8m in partnership bonus for its 87,400 employees out of the annual profits of £409.6m.

Profits for the retailer grew 15.8% for FY2012 as gross sales totaled £9.54bn.

John Lewis Partnership chairman Charlie Mayfield remarked that the retailer surpassed its own expectations in annual sales and profits for the year.

"As a result I am delighted that 84,700 Partners will receive a bonus of 17%, equivalent to nearly 9 weeks' pay," said Mayfield.

The bonus comes on the back of a 14% to 18% drop in bonuses for the previous financial year wherein profits had declined by 4%.

John Lewis reported combined revenues of £8.47bn, up 9.1% for the fiscal while net debt for the retailer declined 35.6% to £205.4m.

"Although the market remains challenging, the Partnership has adapted quickly and successfully and we saw the benefits this year. We have stepped up innovation in new products; there's been a continuing focus on value and sustained and rapid growth online.

"This resulted in over 1.5 million more customers choosing to shop with Waitrose or John Lewis than last year," elaborated Mayfield.

The retailer plans to roll out nearly 20 Waitrose supermarkets over the course of 2013 as well as 10 ten Waitrose convenience stores.