John Lewis Partnership plc annual report and accounts 2013
Five year record – years ended January
2013 2012 2011 2010 2009*
£m £m £m £m £m
Gross sales(1)
Waitrose 5,763.9 5,400.4 4,974.6 4,532.3 4,156.4
John Lewis 3,777.4 3,329.1 3,231.7 2,889.2 2,811.1
Gross sales 9,541.3 8,729.5 8,206.3 7,421.5 6,967.5
Revenue(1)
Waitrose 5,416.1 5,072.3 4,699.9 4,317.2 3,940.1
John Lewis 3,049.4 2,686.3 2,661.9 2,417.4 2,327.1
Revenue 8,465.5 7,758.6 7,361.8 6,734.6 6,267.2
Operating profit(2)
Waitrose 292.3 260.6 274.9 266.8 214.5
John Lewis 216.7 157.9 198.4 160.4 140.6
Corporate and other(3) (56.6) (25.2) (42.3) (37.5) (31.8)
Operating profit 452.4 393.3 431.0 389.7 323.3
Net finance costs (42.8) (39.5) (63.1) (83.1) (43.7)
Exceptional gain in respect of
associate (Ocado) – – – – 127.4
Profit before Partnership
Bonus and tax 409.6 353.8 367.9 306.6 407.0
Partnership Bonus (210.8) (165.2) (194.5) (151.3) (125.4)
As a percentage of eligible pay 17% 14% 18% 15% 13%
Taxation (47.1) (52.4) (46.0) (48.8) (48.1)
Profit for the year retained in the business 151.7 136.2 127.4 106.5 233.5
Net assets 1,901.5 2,008.9 2,072.8 1,704.5 1,722.8
Pay 1,162.3 1,096.3 1,021.7 940.4 908.0
Number of employees at year end 84,700 80,900 76,500 72,400 68,300
Average number of employees 81,900 78,700 74,800 70,000 68,700
including part-time employees 46,800 42,900 40,800 37,300 35,900
Average number of FTEs 53,200 51,100 48,500 45,900 45,100
*53 week year.
(1) Note 1 to the financial statements explains the difference between gross sales and revenue.
(2) The basis of allocation of pension costs to the divisions was changed in 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 £11.3m in 2013 (2012: £16.8m), which is principally due to market driven volatility.
(3) Corporate and other costs are principally corporate and shared service costs, transformation costs and Partnership Services.
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