John Lewis Rewards Staff With Bonuses After Excellent Year
John Lewis has had good financial results this year, and is rewarding all its 70,000 staff with an excellent bonus package of around 18%.
Profits have rises by about 20% for John Lewis this year, and excellent improvement in these hard economic times. Much of the retail sector was badly affected by the pre-Christmas snow which reduce profits, however, John Lewis managed to have a better year overall.
£367.9m Profits for 2010
This represents a rise in profits of £61.3 million. However, it is not all joy. Analysts predict that next year will be another hard year and this rise is not a trend that is set to continue, unless John Lewis can somehow pull another bumper year out of the bag.
Charlie Mayfield, John Lewis’ chairman, was very proud of the results, as can be expected. He warned that the VAT pinch will be noticeable in 2011 though, plus food production costs are set to rise further.