Page 6


Business review

Review of performance


John Lewis Partnership*

• Gross sales up £454.0m, 6.5% to £7.4bn (on a 52 week basis up 8.4%)

• Group operating profit up £66.4m, 20.5%, to £389.7m; excluding property gains £389.5m, 22.2%

• Group cash generated from operations up £60.7m, 10.5%, to £647.6m

• Profit before Partnership bonus and tax was £306.6m. Last year this included the £127.4m book gain on the disposal of Ocado; excluding this one-off gain the year on year movement in profit before bonus and tax is an increase of £27.0m, or 9.7%

• Partnership bonus of £151.3m, 15% of salary (equal to almost 8 weeks’ pay)

• One-off cash contribution to pension fund of £150m paid on 25 March 2010


Waitrose

• Gross sales up £375.9m, 9.0%, to £4.5bn (on a 52 week basis up 11.1%)

• Like-for-like store sales growth of 3.6% (excluding petrol and on a 52 week basis)

• Operating profit, excluding property gains, increased by £56.7m, 26.8%, to £268.2m. Including property gains, operating profit increased by £53.9m, 25.1%, to £268.4m

John Lewis

• Gross sales up £78.1m, 2.8%, to £2.9bn (on a 52 week basis up 4.3%)

• Like-for-like sales up 2.3% (on a 52 week basis)

• John Lewis Direct sales up £60.6m, 18.2%, to £393.5m

• Operating profit, excluding property gains, increased by £21.6m, 15.0%, to £165.9m. Including property gains, operating profit increased by £20.0m, 13.7%, to £165.9m


*Notes:

1. Trading year 2009/10 was a 52-week year; trading year 2008/09 was a 53-week year.
2. Operating profit and net finance costs for the trading year 2008/09 have been restated in respect of the presentation of long service leave financing costs. Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32  |  Page 33  |  Page 34  |  Page 35  |  Page 36  |  Page 37  |  Page 38  |  Page 39  |  Page 40  |  Page 41  |  Page 42  |  Page 43  |  Page 44  |  Page 45  |  Page 46  |  Page 47  |  Page 48  |  Page 49  |  Page 50  |  Page 51  |  Page 52  |  Page 53  |  Page 54  |  Page 55  |  Page 56  |  Page 57  |  Page 58  |  Page 59  |  Page 60  |  Page 61  |  Page 62  |  Page 63  |  Page 64  |  Page 65  |  Page 66  |  Page 67  |  Page 68  |  Page 69  |  Page 70  |  Page 71  |  Page 72  |  Page 73  |  Page 74  |  Page 75  |  Page 76  |  Page 77  |  Page 78  |  Page 79  |  Page 80  |  Page 81  |  Page 82  |  Page 83  |  Page 84