- 3 updates
With the economy struggling and so many big name High Street stores going under - there was good news today for one Berkshire based retail giant.
John Lewis and Waitrose, with their headquarters in Bracknell, announced a rise of more than 15% in pre-tax profits. And as an employee-owned partnership it's the staff who reap the rewards.
Penny Silvester reports and speaks to Cheryl Millington, Waitrose IT Director.
John Lewis & Bracknell-based Waitrose staff will receive bonuses worth 17% of salary after the group shrugged off tough high street conditions to report a 15.8% surge in annual profits. The employee-owned firm reported pre-tax, pre-bonus profits of £409.6 million for the 12 months to January.
Staff at John Lewis will be watching closely as it announces its annual results later.
The business bases its food retailing arm, Waitrose, in Bracknell in Berkshire.
John Lewis Partnership's unique co-owned business model means that annual profits are distributed to its employees rather than shareholders.
This means that every Partner at John Lewis receives a bonus which is calculated as a percentage of their pay. The same percentage is given to all Partners.
The results will announced at 9.30am.
The company is hoping that a record Christmas trading period will boost profits.