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Waitrose workers in Saltash receive bonus equal to eight weeks' pay

By Western Morning News  |  Posted: March 12, 2014

Waitrose
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Staff at the Waitrose store in Saltash are due to receive a bonus of 15 per cent of their annual salary after the supermarket chain announced a hike in sales and a profit of £310.1million.

Waitrose is part of the employee-owned John Lewis Partnership, which means workers – termed "partners" – share in the firm's success, and the bonus is worth nearly eight weeks' pay.

The supermarket chain saw gross sales for the year rising six per cent to £6.11billion and like-for-like sales growing by 5.1 per cent, and operating profit up by 6.1 per cent.

Meanwhile, department store chain John Lewis' gross sales leapt by 7.5 per cent, passing the £4billion mark for the first time.

Total like-for-like sales grew by 6.4 per cent and operating profit before restructuring costs was up 11 per cent to £240.5million, and even after these costs had risen 4.3 per cent to £226.1million.

Charlie Mayfield, chairman of John Lewis Partnership, said: "This has been another good year for the Partnership. Both Waitrose and John Lewis increased market share for the fifth consecutive year, profit before exceptionals has grown by almost 10 per cent and, for the first time, we have achieved sales of over £10billion.

"As a result of our performance, I am delighted 91,000 partners will receive a bonus of 15 per cent, equivalent to nearly eight weeks' pay."

He added: "Our ownership by partners has played a key role in these results."

Ajay Bhalla, professor of global innovation management at Cass Business School, said: "An employee-owned firm, JLP has consistently demonstrated resilience in both good and difficult economic times.

"Our research here at Cass shows the ownership culture of employee-owned businesses, which supports higher employee engagement and links employee initiative-taking to superior performance, is at the heart of success of firms such as John Lewis."

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  • martian1956  |  March 12 2014, 6:52PM

    Recognising a workforces input is a rare thing these days. Well done.

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