John Lewis Partnership plc Annual Report and Accounts 2015
Introduction
Welcome from the Partnership Board Our year in review Chairman’s statement
A summary of our performance Challenges we face
Our response to the changes in retail The Partnership today
Partnership difference Our principles
Our Partnership model How we create value
Principles
Our principles in action – Purpose – Power – Profit
– Members – Customers
– Business relationships – The community
The Group Strategic Report runs from pages 1 to 81.
1 1 2 4 5 6 8
10 Performance
12 14 16 18
20 22 22 24 26 28 30 32 34
Partnership performance Waitrose performance John Lewis performance
Partnership Services performance Group performance
Our key financial performance indicators
48 50 60 68 76 77
78
Strategy
Our Partnership Aims Our Divisional strategies – Waitrose – John Lewis
Managing our Partnership risks Our principal risks and mitigations
36 38 40 40 41 42 45
Governance Our governance approach
Our Partnership Board members The Partnership Council report
Chairman’s Nominations Committee report
Audit and Risk Committee report Remuneration Committee report Directors’ report
Financial statements Consolidated primary statements
Notes to the consolidated financial statements
Company primary statements and notes
Statement of Directors’ responsibilities
Independent auditors’ report (PwC) Five year financial record
Independent assurance statement (DNV)
Notice of AGM Notes
General information Find out more
82 84 94 96
100 104 110 116
120 122
126 164
169 170 177
178 179 180 IBC BC
An update on our reporting journey
For the first time, we are combining our Annual Report and Sustainability Review information into one document, reflecting the way in which we do business. Additional performance statistics can be found online
www.johnlewispartnership.co.uk
Tell us what you think
Our Annual Report and Accounts is all about our Partners. And we’d like your feedback on it.
www.johnlewispartnership.co.uk/meta/ contact-us.html
52 v 53 weeks?
The Partnership’s year end is always the last Saturday in January.
Usually we have a 52 week year but this year it is 53 weeks. The 2014/15 year-on-year financial movements have been presented on a 52 week basis so that they are comparable with earlier periods, unless indicated otherwise. This has been done to provide a more consistent comparison and meaningful understanding of this year’s financial performance.
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