John Lewis Partnership pre-tax profit up 9.6%

Published on: 7th March 2014

The John Lewis Partnership has reported its pre-tax profit before exceptional items rose by 9.6% in the year to 25th January 2014 to reach £376.4m.JLG300

Partnership gross sales grew to £10.17b which was a 6.6% increase on last year. Revenue, which is adjusted for sale or return sales, was £9.03b, rising £562.3m on the prior year. Like-for-like sales across the Partnership increased by 5.1%. As a result of the performance, the Partnership’s chairman Charlie Mayfield said the 91,000 partners working across John Lewis and Waitrose will receive a bonus of 15%, equivalent to nearly eight weeks pay.

Looking at John Lewis department store, gross sales grew strongly throughout the year, increasing by 7.5% in total and passing the £4b mark for the first time. Like-for-like sales grew by 6.4% while operating profit before restructuring costs rose by 11% to £240.5 million. The retailer incurred restructuring costs of £14.4m relating to the streamlining of its department store management structures and the future closure of its Park Royal distribution centre. Operating profit including these costs was up 4.3% to £226.1m.

The Partnership said its omnichannel capability and innovation had been key to the department store’s success leading to growth in both its shops and online. Sales at rose by 19.2% to £1.1b with click & collect sales achieving an uplift of 57%. Mobile sales also grew rapidly with visits from phones and tablets now accounting for 50% of traffic to

The retailer opened a new £97m distribution centre in the year which will begin operations in 2015 alongside the existing Magna Park site in Milton Keynes.

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