John Lewis Partnership will distribute £155m among its 68,000 employees as a partnership bonus after a profitable year for the company.
The bonus, which will be shared among employees at a rate of 18%, is equal to more than nine weeks’ pay for each employee. When combined with the value of the retailer’s pension and other benefits, the amount total amount received by the workforce rises to £300.
John Lewis Partnership’s sales grew by 11% during 2006/07, reaching £6.4bn. The final figure for profit before tax was £319m, which was a 27% increase on last year.
Sir Stuart Hampson, chairman of John Lewis Partnership, said: "These results show how our partnership model can provide the profitability to create a sustainable and ambitiously expanding business, can win the approval and loyalty of our customers and can reward the achievement of our partners through provision for a good pension in retirement and a bonus worth over nine weeks’ pay."