Wharf Waitrose staff get 13 per cent bonus

By John Hill on March 11, 2009 12:07 PM |

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Staff at Canary Wharf's Waitrose store will receive bonuses of 13 per cent of their annual salaries this year.

Parent company the John Lewis Partnership will pay out £125million to staff this year, as the sale of Ocado offset a 26.4 per cent drop in pre-tax profit.

The bonuses will be shared across the John Lewis Home and Waitrose Food divisions. Staff received a 20 per cent bonus last year.

Results released by John Lewis for the year ending January 31 revealed that profit before tax and exceptional items had fallen £100.2million to £279.6million. But the £127.4million sale of Ocado boosted profit before tax and partnership bonus to £407million, a rise of £27.2 million or 7.2 per cent on last year's figure.

Waitrose Canary Wharf's branch manager, Russell Cattell, said: "I'm really pleased that our Partners are able to enjoy such a great reward despite the economic downturn.

"We have all felt the effects of the credit crunch in Canary Wharf, but I believe by offering outstanding customer service and real value in our products we continue to be the trusted food shop of the estate.

"All the Partners have worked tremendously hard to make sure all our loyal Wharfers continue to shop with us, so I must offer my thanks to everyone who shops with us every week."

Sales across the Partnership were up three per cent to £6.97billion, but operating profit was down £71.4m to £323.5m, a drop of 18 per cent. Waitrose sales were up 5.2 per cent to just over £4billion, but operating profit excluding property gains fell by £7.4m to £211.6m (3.4 per cent drop).

Waitrose launched its lower cost 1,400 product Essential Waitrose line this week, and plans to add a further 22 shops in 2009 to the 11 stores it opened last year.

Charlie Mayfield, Chairman of John Lewis Partnership, said: "It was a very tough year and we met the challenges of the deteriorating conditions. We controlled costs tightly, traded confidently and stayed true to our customer promise of quality and price competitiveness.

"Our customers stayed loyal to John Lewis and Waitrose and our Partners worked harder than ever to provide the highest possible standards of customer service. The bonus announced today is well deserved and has been hard earned by all our Partners.

"We think 2009 will be another very difficult trading year. We've set an ambitious pace for change and continue to have the appetite and funds to expand and enhance our offer."