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Johnlewis »< Sort : JohnLewis »< sort annual report and accounts 2008 yA COMPANIES HOUSE Contents The John Lewis Partnership Chairman’s statement EN Business review 28 Directors and advisers Directors’ report Consolidated incomestatement 35 Statementof recognised income and expenses 36 Consolidated balance sheet 37 Balance sheet of the company 38 Consolidated cash flow statement 39 Cashflow of the Company 40 Notesto the accounts 86 Directors’ responsibilities for the financial statements 87 Independentauditors’ report 89 Retail branches 90 Notice of annual general meeting John Lewis Partnership, Partnership House, Carlisle Place, London SWIP 1BX wwwjohnlewisparmership co uk John Lewis plc annual report and accounts 2008 TheJohn Lewis Partnership The John Lewis Par mership 1s one of the UK’s top ten retail businesses with 26John Lewis department stores and 187 Waurose supermarkets Itis also the country’s largest employee co-operauve, with over 69,000 employees The Partnership aims to ensure that everyone who works for 11 enjoys the experience of ownership, by sharing in the profits, by having access to information and by sharing in decision making The Partnership believes that the commitment of Partners to the business 1s a unique source of compeuuve advantage which has underpinned morethan 75 years of profitable growth and a reputation amongst customers and suppliers unparalleled in the UK retail industry The company’s record of per foi mancetestifies to the robustness of the vision of its founder John Spedan Lewis, to create a company dedicated to the happinessofthe staff through their worthwhile, secure and sausfying employment in a successful business The Partnership Board ofJohn Lewis Partnership ple comprises twelve members — the Chairman, the non-executive Deputy Chan man, four other members nominated by the Chairman, five members nominated by the Partnership Council, the elected body which represents all the members of the Partnership, and a fur ther non-executive director John Lewis Partnership plc and 1ts subsidiary John Lewis ple have small issues of preference stock which havefirst claim on the profits The whole of the remainingprofit 1s available to be used for the benefit of the busmess and the Partners Theshare of profits allocated to Partners, the Partnership bonus, 1s fixed each year by the Partnership Board and 1s distributed as the same percentage of gross annual pay for all Partners All Partners 1ecerved a 20% bonusfor the current year as their share ofprofits at a total cost of £181m The Business Review and Directors’ Report provide information, includingfinancial information, and details in respect of the John Lewis Partnership The Directors believe this 1s appropriate, as John Lewis plc, which 1s the only immediate subsidiary ofJohn Lewss Partnership plc, has the same strategy and objectivesas the Partnership, conducts all of the Partnership's trading operations and 1s subject to the same governance John Lewis ple annual report and accounts 2008 Chairman’s statement The Partnership has had anothersuccessful year in a challenging trading environment Gross sales fi om continuing operauons were up 6 3% to £6 8bn The group’s profit before tax and Partnership bonus increased by 18 6% to £379 7m Profit as a percentageofgross sales increased from 5 0% to 5 6% It 15 the enter prise, expenence and professionalism of our 69,000 Partners, who own the business, that he behind this success It 1s their mouvauon and efforts to improve what we do every day that inspire customers’ confidence in our reputationfor value, choice, service and honesty Partners reaped the benefit of their year’s work, with every Partner receiving a Pai tnership bonus worth 20% of salary, the equivalent of more than 10 weeks’ pay, a total disuibuuon of £181m Taken together with the pension charge of £83m and other benefits The key to our success of £60m, that amounts to over £320m returned to Partners as the commitment of our Partners We are hoping to be able to announce the purchase of a new hohday centre for Partners soon During 2007, there were 40,000 visits by Partners and their dependantsto our exisung four lersure centres Weare also planming to mvest up to £1m year between this autumn and 2012 ! in Partners in Sport, a wide-ranging programmeto enable Partnersto play sport, gam sports coaching qualifications and hve healthierlifestyles Both Waitrose and John Lewis performedstrongly, growing overall market share and strengthening our position in key product categories We offered more innovative and inspiring products, invested m building Partners’ skills and improved the service experience for customers Growth was also achieved by invesung in new and refurbished shops, strengthenmg our online presence, mcteasing capacity and automation in distribution and building awareness of the John Lewis and Waitrose brands among customers Our ambition 1s to win and sustain our reputauon with customersfo1 well-differentuated products and service excellence Our standing was boosted by Waitrose and John Lewis being awardedthetop twoplaces,for the third year in a row, in the independent Verdict and Which? consumersausfacuon surveys Outlook for 2008/09 There was a general slowdown in the housing market1n the second half of the year, which depressed sales of large purchases in the home market and this trend has continued imto the new financial year Sales for the first ten weeks of the year to 5 April are up 2% in John Lewis while at Wait ose, which tends to be less affected by a downturn in consumerconfidence, sales are up 6% We expect trading condiuonsto be very challenging this year as consumers continue to respond to concerns about the housing market, higher food and energy costs and ughter credit condiuons However, we believe that the diversity of our business across the homeand grocery sectors and the benefits of our Partneiship model make us resilient and able to perform well even in testing market condiuons We have the confidence to pursue our ambitious growth and investment plans for the long term Looking to the future, we are planning to grow our businesses and reach more customers Ourinvestment will be in newshops, in the development of our on-line business and in the systems and infrastructure needed to supporta larger business We expect the numberof Partners in the business to increase by 16,000 to 85,000 over the next five years to support our growth Charlie Mayfield Chairman 7 April 2008 John Lewis ple annual report and accounts 2008 Business review Review ofperformance Financial highlights Grosssales for the group from contnumg operations up £400 5m, 6 3% to £6 8bn Operatingprofit (excluding property profits of £9 1m (2007 £11 9m)) up £57 8m, 16 8%, to £401 2m, including property, operaungprofits up £55 Om, 15 5% to £410 3m Profit before Partneiship bonus and tax up £59 5m, 18 6% to £379 7m Profit margin before tax and Partnership bonusup 57 basis points againstlast year to 5 6% Partnership bonus payment of £181 1m, up £27 Om (increase of 17 5%), 20% of salary (equal to more than 10 weeks’ pay) Return on invested capital of 8 5%, up from 7 9% John Lewis Gross sales from conunuing operations up £148 9m, 5 6% to £2 8bn Operaungprofit (excluding property profits of £0 5m (2007 £8 8m)) up £19 9m, 11 7%, to £189 5m,including propeity, operaungprofits up £11 6m, 6 5% to £190 Om Like-forike sales up 5 0% John Lewis Direct sales up £82 8m, 44 6% to £268 Im Marketshare up 0 4% to 19 1% Operaung margin up 37 basis points to 6 7% (excluding property profits) Waitrose Grosssales up £251 6m, 6 8% to just under £4 Obn Oper aung profit (excluding property profits of £8 6m (2007 £3 1m)) up £37 9m, 21 8% to £211 7m, including property, operaung profits up £43 4m, 245% to £220 3m Like-forlike growth of 3 6% (excluding peuol) Marketshare level at 3 9% Operaung margin up 66 basis points to 5 4% (excluding propertyprofits) John Lewis plc annual report and accounts 2008 Five year record — years ended January 2008 2007* 2006 2005 2004" UK GAAP £m £m £m Em £m Gross sales (including sale or return sales and VAT) 6,762 8 6,362 3 5,764 4 5,333 6 5,046 8 Revenue John Lewis 2,3150 2,188 9 1,990 4 1,960 8 1,9516 Waitrose 3,737 2 3,497 3 3,158 9 2,7967 2,547 9 Revenue 6,052 2 5,686 2 5,149 3 4,757 5 4,499 5 Operating profit John Lewis 1900 1784 1112 123 4 986 Waitrose 220 3 176 9 170 4 150 6 1142 Operating profit 410 3 355 3 2816 2740 2128 Disposal of account card operation ---- 43 Netfinance costs (30 6) (35 1) (34 9) (30 6) (28 4) Share of post tax losses of associate (Ocado} (8 0) (18 0) (5 6) (141) (152) Exceptional gain on dilution of interest in associate 80 180 108 - - Profit before Partnership bonus and tax 379.7 320 2 2519 2293 1735 Taxatton (59 4) (56 9) (42 5) (34 3) (24 5) Dividends - --- (0 2) Net profit available for profit sharing and retention in the business 320 3 263 3 209 4 1950 1488 Partnership bonus (181 1) (154 1) (120 3) (105 8) (87 3) As a percentage of pay 20% 18% 15% 14% 12% Discontinued operations (9 1) (0 7) --- Retained in the business 1301 108 5 891 892 61 5 Net assets 1,683 9 1,650 1 1,5126 1,420 8 1,541 4 Pay 864 8 817 6 7550 7138 689 7 Average number of employees 68,200 66,800 63,700 61,100 59,600 including part-time employees 36,700 35,900 33,600 31,100 29,400 Average number of FTEs 44,600 43,900 42,200 41,000 40,500 *The presentation of prior year results has been amended in respect of discontinued operations, as detailed in note 8 Earlier years have not been amended **53 week year John Lewis ple annual report and accounts 2008 Business review Review
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