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John Lewis pays staff 17 pct bonus as profits rise

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(Globalpost/GlobalPost)

LONDON, March 7 (Reuters) - British retailer, the John Lewis Partnership , posted a 16 percent rise in year profit and raised its staff bonus payout to 17 percent of salary.

The 149-year-old employee-owned group, which runs Britain's biggest department store chain as well as upmarket grocer Waitrose, said on Thursday its profit before tax and a staff bonus pool of 210.8 million pounds ($317.4 million) rose to 409.6 million pounds in the year to Jan. 26, up from 354 million pounds last year.

John Lewis said its 81,000 staff, known as partners, will be paid a bonus of 17 percent of salary, equal to nine weeks pay, up from 14 percent last year when the bonus was cut for the first time since 2009.

"We expect our sales growth to continue this year, albeit less strongly than in 2012/13, and we are planning a significant step up in total investment," said Chairman Charlie Mayfield.

http://www.globalpost.com/dispatch/news/thomson-reuters/130307/john-lewis-pays-staff-17-pct-bonus-profits-rise