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Profits at John Lewis rise 9.7% Profits at John Lewis rise 9.7%
(20 minutes later)
Department store group John Lewis has reported annual pre-tax profits of £306.6m, a rise of 9.7%. Staff at John Lewis will share a £151m bonus after the stores group saw annual pre-tax profits rise 9.7% to £306.6m.
The owner of the Waitrose supermarket chain is also paying workers a bonus equal to 15% of their salary. The owner of the Waitrose supermarket chain said the bonus amounted to about eight weeks salary for each employee.
John Lewis saw sales rise 6.5% to £7.4bn as it continued to take market share from rivals. John Lewis saw gross sales rise 6.5% to £7.4bn as it continued to take market share from rivals.
Charlie Mayfield, chairman of the company, said John Lewis had emerged from the recession "in a stronger competitive position". Charlie Mayfield, chairman of John Lewis, said the company "was emerging from the recession in a stronger competitive position".
The company's 70,000 staff - or partners, as John Lewis calls them - will share a bonus pot of £151.3m, equivalent to about 15% of their salary.
"Today's results reflect the collective hard work of our partners," Mr Mayfield said.
John Lewis, whose operations include 28 department stores and 224 Waitrose supermarkets, saw profits fall in the first half of the year.
But this was offset by a strong performance in the run-up to Christmas, with trading continuing to improve during the first few weeks of 2010.
Mr Mayfield said that 2009 had been tough for the 146-year-old partnership, and this year would continue to be challenging.
But he said: "This was a year of profound change across the partnership... we have continued to invest, innovate and grow, emerging from the recession in a stronger competitive position."
In the year to 30 January, operating profit at John Lewis's department stores rose 15% to £165.9m. At Waitrose, the UK's fastest growing grocer, it jumped 27% to £268.2m.
The Waitrose profits were driven by the popularity of its lower priced "essential" range, launched last March, and rapid online growth.
For the first five weeks of the new financial year total sales were 13.5% higher, with department store sales up 17.5% and Waitrose sales rising 11.3%.