(Photo of Marisa Cassoni, Finance Director)
The Partnership’s results reflect a robust performance in a challenging market. Gross sales were £7.4bn for the 52-week year, an increase of £454.0m, or 6.5% on last year (53 weeks’ trading). Waitrose gross sales were £4.5bn, up 9.0%, while John Lewis gross sales were £2.9bn, up 2.8%.
Operating profit was £389.7m, an increase of £66.4m, 20.5%, on last year. Operating profit, excluding property profits, increased by £70.8m, or 22.2%, on last year.
Profit before Partnership bonus and tax, and exceptionals was £306.6m, an increase of £27.0m, or 9.7%, on last year. Operating profit margin increased from 4.6% to 5.2% as a percentage of gross sales. Profit as a percentage of gross sales increased from 4.0% to 4.1% (excluding the exceptional profit on disposal of our shareholding in Ocado which arose in 2008/09).
Partnership bonus totals £151.3m, which equates to 15% of pay or the equivalent of almost 8 weeks’ pay, compared to 13% of pay, £125.4m, last year.
A one-off cash contribution of £150.0m into the pension fund was approved by the Board and with the Trustees and paid into the fund on 25 March 2010.
(Photo captioned: Partners at Waitrose Kingston celebrating this year's bonus, which every Partner will receive as a percentage of their annual pay)
(Graph of Gross sales and margin over last five years)
(Graph of Operating profit (£m) over last five years)
(Graph of Profit before Partnership bonus and tax (£m)(1) over last five years)
(Graph of Partnership bonus over last five years)