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John Lewis Partnership plc annual report and accounts 2012


Five year record – years ended January


2012 £m 2011 £m 2010 £m 2009 £m 2008 £m


Gross sales


Waitrose 5,400.4  4,974.6 4,532.3 4,156.4 3,950.1


John Lewis 3,329.1  3,231.7  2,889.2  2,811.1  2,812.7


Gross sales


Sales excluding VAT(1)


Waitrose 5,072.3 4,699.9 4,317.2 3,940.1 3,737.2


John Lewis Sales excluding VAT 2,792.0 2,763.9 2,519.5 2,415.8 2,404.9


Revenue


Waitrose 5,072.3 4,699.9 4,317.2 3,940.1 3,737.2


John Lewis 2,686.3 2,661.9 2,417.4 2,327.1 2,315.0


Revenue


Operating profit(2)(3)


Waitrose 260.6 274.9 266.8 214.5 226.2


John Lewis 157.9 198.4 160.4 140.6 192.0


Corporate and other(4) (25.2) (42.3) (37.5) (31.8) (26.9)


Operating profit


Net finance costs (39.5) (63.1) (83.1) (43.7) (11.5)


Share of post tax losses of associate (Ocado) – – – – (8.0)


Exceptional gain in respect of associate (Ocado) – – – 127.4 8.0


Profit before Partnership


bonus and tax 353.8 367.9 306.6 407.0 379.8


Taxation (52.4) (46.0) (48.8) (48.1) (59.4)


Net profit available for profit


sharing and retention in the business 301.4 321.9 257.8 358.9 320.4


Partnership bonus (165.2) (194.5) (151.3) (125.4) (181.1)


As a percentage of eligible pay 14% 18% 15% 13% 20%


Discontinued operations – – – – (9.1)


Profit for the year retained in the business 136.2 127.4 106.5 233.5 130.2


Net assets 2,008.9  2,072.8  1,704.5  1,722.8  1,683.9


Pay 1,096.3 1,021.7 940.4 908.0 864.8


Number of employees at year end 80,900 76,500 72,400 68,300 69,300


Average number of employees 78,700 74,800 70,000 68,700 68,200


including part-time employees 42,900 40,800 37,300 35,900 36,700


Average number of FTEs 51,100 48,500 45,900 45,100 44,900


*53 week year.


(1) (2) (3)


Sales excluding VAT are gross sales net of value added tax.


The comparatives have been re-presented in respect of John Lewis Insurance operations to be on a consistent basis to the current year.


The basis of allocation of pension costs to the divisions was changed for 2012 and is charged as a fixed proportion of total pay based on the estimated long-term costs of providing the benefit, with the differences between these costs and the total annual pension operating costs recognised in Corporate and other. This was income of £16.8m in 2012, which is principally due to market driven volatility.


(4) 5


Corporate and other costs are principally corporate and shared service overheads, transformation costs and the Partnership Services division set up costs.





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