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| Profits at John Lewis rise 9.7% | Profits at John Lewis rise 9.7% |
| (10 minutes later) | |
| Staff at John Lewis will share a £151m bonus after the retail group saw annual pre-tax profits rise 9.7% to £306.6m. | Staff at John Lewis will share a £151m bonus after the retail group saw annual pre-tax profits rise 9.7% to £306.6m. |
| The owner of the Waitrose supermarket chain said the bonus amounted to about eight weeks' salary for each employee. | |
| John Lewis said gross sales rose 6.5% to £7.4bn as it continued to take market share from rivals. | John Lewis said gross sales rose 6.5% to £7.4bn as it continued to take market share from rivals. |
| Charlie Mayfield, chairman of John Lewis, said the company "was emerging 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. | 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. | "Today's results reflect the collective hard work of our partners," Mr Mayfield said. |
| John Lewis, whose operations include 28 department stores and 225 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. | 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 business, 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." | 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. | 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%. | 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%. |