Home / Knowledge / News / Apparel/Garments / FY16 operating profit up 18% at John Lewis Partnership
FY16 operating profit up 18% at John Lewis Partnership
12
Mar '16
For the 53 week period ended January 30, 2016, operating profit at UK based apparel retailer John Lewis Partnership was up 18 per cent year on year.

In a press release, the company said its operating profit was £531.4 million, up £81.2 million or 18 per cent over the last fiscal, but was up 19.8 per cent on a 52 week basis.

This includes exceptional income of £129.3 million following the sale of the Clearings building and income of £7.9 million from release of remaining liabilities following the 2013/14 review of holiday pay policy.

However, its operating profit, before exceptional items, was £402.1 million, down £40.2 million or 9.1 per cent from a fiscal ago period.

In fiscal 2016, gross sales inclusive of VAT amounted to £11.02 billion, an increase of £76.2 million or 0.7 per cent, but grew 2.5 per cent on a 52 week basis.

Revenue, which is adjusted for sale or return sales and excludes VAT, was £9.75 billion, up by £47.8 million or 0.5 per cent, but 2.2 per cent on a 52 week basis.

Profit before bonus and tax totaled £434.8 million, a rise of £84.2 million or 24.0 per cent over the prior fiscal and 26.1 per cent on a 52 week basis.

Excluding exceptional items, profit before bonus and tax was £305.5 million, down £37.2 million or 10.9 per cent and also down 9.3 per cent on a 52 week basis.

“Our partners, as co-owners, each receive the same percentage of pay as partnership bonus, which varies from year to year reflecting the performance of our business,” the company explained.

The retailer further added that partners will share £145.0 million in profit, which represents 10 per cent of pay or the equivalent of more than five weeks' pay.

In total, the company has invested £452 million in benefits to its partners, including partnership bonus, pensions, partner discount, catering subsidy, long service leave, leisure spending and running of five holiday centres.

The fashion division, John Lewis reported growth in gross sales of 2.8 per cent in the reporting fiscal to £4.56 billion, but 4.4 per cent on a 52 week basis.

“To ensure that customers can shop with us whenever and however they want, we have continued to invest in our shops, website and infrastructure,” the company stated.

Operating profit for the division was down 0.1 per cent to £250.2 million, but up 0.2 per cent on a 52 week basis, but excluding property profits it was up 0.4 per cent and 0.7 per cent on a 52 week basis.

“The operating profit was however held back by restructuring costs and absorbing a greater share of centrally incurred functional costs,” John Lewis Partnership observed. (AR)

Fibre2Fashion News Desk – India


Must ReadView All

Textiles | On 29th Jun 2017

Nan Ya files trade petition in US against Korea & Taiwan

Nan Ya Plastics Corporation, America, a US synthetic fibre producer,...

Textiles | On 29th Jun 2017

Indian textile industry will reach new milestone by 2020

By 2020, textile technologies will be highly advanced not only with...

Apparel/Garments | On 29th Jun 2017

Amazon intends to keep investing and growing in India

American online retail giant Amazon intends to keep investing and...

Interviews View All

Claudia Kersten
Global Organic Textile Standard

‘GOTS is a very efficient supply chain management tool, especially for...

Amrit Sethia
SOIE

‘The intimatewear category in India is slowly becoming trend-sensitive.’

Yash Agarwal
Hitansh Online

Every market region has its own culture and trends

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
July 2017

July 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search



X