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| Version 2 | Version 3 |
|---|---|
| John Lewis sees profits fall 26% | John Lewis sees profits fall 26% |
| (30 minutes later) | |
| Department store group John Lewis has said its profits declined last year amid "deteriorating conditions". | Department store group John Lewis has said its profits declined last year amid "deteriorating conditions". |
| The partnership said its underlying profits fell 26% to £279.6m, while sales rose 3% to £6.97bn. | The partnership said its underlying profits fell 26% to £279.6m, while sales rose 3% to £6.97bn. |
| John Lewis said sales for the first five weeks of 2009 were already 1.6% lower than last year, while sales at its department stores sank 6.8%. | John Lewis said sales for the first five weeks of 2009 were already 1.6% lower than last year, while sales at its department stores sank 6.8%. |
| "2009 will be another very difficult trading year," said John Lewis chairman Charlie Mayfield. | "2009 will be another very difficult trading year," said John Lewis chairman Charlie Mayfield. |
| JOHN LEWIS BRANDS 27 department stores198 Waitrose supermarketsJohn Lewis Direct websiteGreenbee, which provides services like events tickets Sales at its supermarket chain Waitrose increased 5.2% to reach £4bn for the first time. Waitrose launched 11 shops last year and plans to open a further 22 this year. | |
| "Trading conditions worsened markedly during the year as the problems in the financial sector reduced consumer confidence to a low level," Mr Mayfield said. | |
| Despite the decline in profits, John Lewis said it generated £591m of cash last year, as compared with £546.3m in 2007. | Despite the decline in profits, John Lewis said it generated £591m of cash last year, as compared with £546.3m in 2007. |
| Bonuses | Bonuses |
| The company announced it would pay out total bonuses of £125.5m. That is the equivalent to about 13% of salary, or seven weeks' pay. | The company announced it would pay out total bonuses of £125.5m. That is the equivalent to about 13% of salary, or seven weeks' pay. |
| "The bonus announced today is well deserved and has been hard earned by all our partners," Mr Mayfield said. | "The bonus announced today is well deserved and has been hard earned by all our partners," Mr Mayfield said. |
| In its department stores, like-for-like sales at stores that were open in the previous year dropped 3.4%. Revenue at the chain was flat at £2.81bn. | In its department stores, like-for-like sales at stores that were open in the previous year dropped 3.4%. Revenue at the chain was flat at £2.81bn. |
| John Lewis said sales in its home-related products had dropped significantly as a result of the "collapse" in the housing market. | John Lewis said sales in its home-related products had dropped significantly as a result of the "collapse" in the housing market. |
| Delayed plans | |
| John Lewis plans to open its first department store in Wales in September, in Cardiff, and construction has begun on a shop at the Olympic site in Stratford, scheduled to open in 2011. | |
| Beyond those two projects, the company said all its new store plans had been delayed. | |
| Its net borrowings rose by £41m to £378m, which John Lewis said reflected the increased capital investment. |