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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.