John Lewis Partnership plc annual report and accounts 2012
The John Lewis Partnership
The John Lewis Partnership is one of the UK’s leading retail businesses with 29 John Lewis department stores, 8 John Lewis at home stores, johnlewis.com, 246 Waitrose supermarkets, 31 Waitrose convenience stores, waitrose.com and business to business contracts in the UK and abroad.
It is also the country’s largest employee co-owned business, with 81,000 employees who are all Partners. The Partnership aims to ensure that everyone who works for it enjoys the experience of ownership, by sharing in the profits, by having access to information and by sharing in decision making through influencing and making recommendations to the Chairman on any subject.
The Partnership believes that the commitment of Partners to the business is a unique source of competitive advantage which has underpinned over 80 years of growth and a reputation amongst customers and suppliers highly regarded in the UK retail industry.
The Partnership’s record of performance testifies to the robustness of the vision of its founder, John Spedan Lewis, to create a business dedicated to the happiness of the staff through their worthwhile and satisfying employment in a successful business.
John Lewis Partnership plc and its subsidiary John Lewis plc have small issues of preference stock which have first claim on the profits. The whole of the remaining profit is available to be used for the benefit of the business and the Partners. The share of profits allocated to Partners, the Partnership bonus, is fixed each year by the Partnership Board and is distributed as the same percentage of gross annual pay for all Partners. All Partners received a 14% bonus for 2011/12 as their share of profits at a total cost of £165.2m.