JLP achieves 9.7% annual profit hike

John Lewis Partnership said today that it had delivered a “market-leading performance” in the year to January 30 2010, driving sales up by 6.5% and pre-tax profit by 9.7%.

JLP achieves 9.7% annual profit hike

Overall sales rose £454.0m to £7.4bn, while profit before tax, the disposal of Ocado and the Partnership bonus – 15% of salary – was £306.6m, an increase of £27.0m. Group operating profit rose by 20.5%, £66.4m, to £389.7m.

The John Lewis department stores pushed sales up £78.1m to £2.9bn, a rise of 2.8%, while like-for-like sales were up 2.3%. Sales at John Lewis Direct rose 18.2% to £393.5m. Operating profit increased by £21.6m, 15.0%, to £165.9m.

The retailer said the department stores had won market share in all areas of their business, with home bouncing back strongly with a 2.5% rise in sales. Highlights included the introduction of the Value range, and the extension of own-brand John Lewis products.

The first John Lewis at Home, in Poole, achieved its sales target for the year three weeks ahead of schedule and, said the retailer, demonstrated the potential for further expansion. A second At Home has now been confirmed for Croydon.

Commenting on the results, JLP chairman Charlie Mayfield said: “This was a year of profound change across the Partnership, and the resilience and flexibility of our business model has underpinned a market-leading performance. We have continued to invest, innovate and grow, emerging from the recession in a stronger competitive position.”

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