March 18, 2004 Bonus Payment to Employee PartnersOrganisation: John Lewis
Analysis and commentary by Echo Research. John Lewis, viewed as the "bellwether for the British retail industry"(tiscali.co.uk, 12/3), announced solid results last week, together with an £87 million bonus for its employee 'partners'. The 140-year old mutually-owned organisation lauded the performance of its Waitrose supermarket business as "outstanding", while offering praise for its department stores, which made a profit despite 2003's "difficult trading conditions"(Evening Standard, 11/3). Overall, the company boasted a 19% rise in pre-tax profit, allowing for the generous "bonanza"bonus for its 56,000 staff, equivalent to around six weeks' salary (Scotsman.com, 11/3). There were few unfavourable aspects. Those highlighted included the negative pressures on the business, such as a downturn in trade during the run-up to the Iraq war, the impact of central London congestion charges and closure of the Central underground line in the capital, and price competition. Not content to rest easy on his laurels, Chairman Stuart Hampson highlighted that there was still plenty of scope to go on improving the business. Despite admitting that the recent return on capital investment was "disappointing", Sir Stuart remained committed to a strategy of improvement, refurbishment and growth (FT, 12/3). Early indicators would suggest that Sir Stuart's confidence in generating "further gains"were not misplaced (The Sun, 15/3).
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