John Lewis Partnership plc annual report and accounts 2012

Group performance

 2011/12 saw the Partnership navigate through a period of difficult economic conditions, and deliver good sales growth. Both Waitrose and John Lewis traded ahead of their respective markets, increasing their market share.

The Partnership’s gross sales were £8.73bn, an increase of £523.2m, or 6.4%, on last year. Waitrose gross sales were £5.40bn, up 8.6%, while John Lewis gross sales were £3.33bn, up 3.0%.

Sales excluding VAT were £7.86bn, up £400.5m or 5.4%. Waitrose sales excluding VAT were £5.07bn, up 7.9%, and John Lewis sales excluding VAT were £2.79bn, up 1.0%.

Operating profit was £393.3m (2010/11 £431.0m), a decrease of £37.7m, or 8.7% on last year, representing an operating profit margin (excluding VAT) of 5.00% (2010/11 5.77%).

Profit before Partnership bonus and tax was £353.8m, a decrease of £14.1m, or 3.8%, on last year. Profit before Partnership bonus and tax as a percentage of sales excluding VAT decreased from 4.93% to 4.50%.

Partnership bonus

Partnership bonus was £165.2m, which equates to 14% of pay or the equivalent of 7.3 weeks’ pay, compared to £194.5m or 18% of pay, the equivalent of 9.4 weeks’ pay last year.

Graph showing Sales excluding VAT (£m)

Graph showing Operating profit (£m) and margin

Graph showing Profit before Partnership bonus and tax (£m) and margin

Graph showing Partnership bonus

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