Staff at John Lewis department stores and Waitrose supermarket chain in the UK have a tough decision to make today; how best to spend a bonus of 15% of their salary, equivalent to almost eight weeks pay.
Staff are set to share a bonus pot of £202.5 million, an average of £2,225 per employee. Each worker - from weekend check-out assistants to chairman Charlie Mayfield - receives the same percentage of annual salary as a bonus.
News of the bonus, which fell 2% from last year's figure of 17%, was announced this morning as the John Lewis Partnership announced that an operating profit of £470.9 million.
Food retailer Waitrose recorded sales of over £6 billion in the 12 months up to 25 January. Operating profit at the upmarket supermarket rose 6% from 2012 to £310 million.
The John Lewis department store brand made an operating profit of £226.1 million, and revenue reached £4 billion.
It confirmed the Partnership created more than 6,000 new jobs over the past financial year and said it was planning to open another 38 Waitrose stores this year, including 23 convenience outlets.
Partnership chairman Charlie Mayfield said: "This has been another good year for the Partnership.
"Both Waitrose and John Lewis increased market share for the fifth consecutive year, profit before exceptionals has grown by almost 10% and, for the first time, we have achieved sales of over £10 billion," he said.
© 2014 - European Supermarket Magazine by Enda Dowling
To sign up to ESM’s weekly e-zine newsletter, send an email with the subject: ‘Subscribe ESM news’ to [email protected]