TIDM45GD
RNS Number : 2687E
Lewis(John) PLC
10 March 2022
John Lewis plc announces the unaudited results for the year
ended 29 January 2022 for John Lewis Partnership plc.
John Lewis Partnership plc is the ultimate holding company of
John Lewis plc.
Thursday 10 March 2022
JOHN LEWIS PARTNERSHIP UNAUDITED RESULTS
FOR THE YEARED 29 JANUARY 2022
RESULTS SUMMARY
-- Profit before exceptional ([1]) items rebounds to GBP181m, up 38% on last year.
-- Loss before tax was GBP26m, GBP491m better than last year.
-- Bonus of 3% awarded to Partners, equivalent to 1.5 weeks' pay.
-- Partnership to pay voluntary Real Living Wage nationwide this year; 2% pay rise.
-- Total Partnership sales ([2]) of GBP12.5bn, up 1%.
-- John Lewis achieved its highest ever sales of GBP4.93bn, up
8% like-for-like ([3]) on last year.
-- Waitrose sales hit GBP7.54bn, up 1% like-for-like on last year.
Dear Partner
I want to thank you for your commitment and dedication in what
has been another tough year. With the pandemic and with so much
change within our business, I don't underestimate the personal
impact and I am truly grateful.
As we head into the second year of the Partnership Plan, our
five year strategy to transform the business, we're gaining
momentum in the most competitive retail market in history. Our
focus on quality, value, sustainability and exceptional service is
serving us well.
Key results
You may recall that we report our profit using two measures -
before and after exceptional items and Bonus. Measuring our profit
without these items gives a better indication of our underlying
performance. Profit before Bonus, tax and exceptional items - or
'PBTBE' - was GBP181m. This was GBP50m (38%) higher than 2020/21
and GBP111m (159%) better than two years ago.
When we include exceptional items (GBP161m) and Bonus (GBP46m),
our loss before tax was GBP26m. This was GBP491m (95%) better than
our loss in 2020/21 (when we had a big 'write down' in the value of
our John Lewis stores) and GBP172m (118%) lower than the profit two
years ago, when we had a one-off benefit from closing our defined
benefit pension scheme. Our exceptional costs were mostly
restructuring costs, property lease exit costs and a small write
down of John Lewis stores.
Waitrose sales were GBP7.5bn, up 1% like-for-like on last year
(down 1% as reported) and up 11% like-for-like on two years ago (up
9% as reported).
John Lewis achieved the highest sales in its history, GBP4.9bn,
which was up 8% like-for-like on last year (4% as reported).
Against two years ago, John Lewis sales were up 10% like-for-like
(2% as reported).
Reducing costs remains a key priority. We cut costs by GBP170m,
a major factor behind our profit growth compared to last year.
This has involved difficult decisions that have affected
Partners deeply: reducing management roles in our shops and
reducing our central teams. We have also closed eight John Lewis
stores and a delivery hub. These were necessary decisions to ensure
the Partnership is sustainable in the future.
Bonus
In 2020, the Board set the minimum thresholds for paying a Bonus
again: a combination of PBTBE of GBP150m and debt ratio of less
than 4x. We achieved both of these targets. Given the positive
performance, and the extraordinary contribution of Partners, the
Board decided to share a 3% Bonus with Partners; while the
Executive team and I are donating our Bonus to the British Red
Cross.
With our Partners, like the whole country, facing a cost of
living squeeze, we believe that this is the right time to pay the
voluntary Real Living Wage, nationwide. In addition, this year's
pay review has been set at 2%, making the total pay investment
GBP54m (excluding Bonus, which adds a further GBP46m).
Outlook
We have made a good start to our Partnership Plan but are only
one year through our five year transformation. Looking ahead, we
see continued uncertainty from global events, affecting the
economic environment, our customers, Partners and society. As
inflation and energy prices rise, our customers face higher living
costs. While this creates uncertainties as we look ahead, we remain
focused on investing significantly in our Partnership Plan to
transform and grow our business. In 2022/23, this will involve:
-- Investing GBP119m in our John Lewis shops, digital services
and our distribution capabilities;
-- On top of these investments, we're committing GBP500m to give
John Lewis customers everyday quality and value, and an improved
MyJL loyalty proposition is coming later this year;
-- GBP55m investment to complete a further 23 major
refurbishments of Waitrose stores and GBP72m investment in digital
services and distribution;
-- Working with our Waitrose suppliers to keep prices as low as
possible and offering savings on products that customers buy the
most through the revamped MyWaitrose loyalty scheme;
-- Accelerating growth in John Lewis Financial Services with a GBP53m investment;
-- Continuing to develop and progress our property rental proposition;
-- Targeting further sustainable cost savings by year end as we become more efficient.
This is a year of opportunity for the Partnership, despite
economic headwinds. We have come through so much already and our
solidarity will continue to carry us through. I am confident that
by continuing to invest in our strategy we will deliver for our
customers, Partners, suppliers and communities.
Sharon White
Partner and Chairman
Notes
2020/21 was a 53-week year and therefore benefitted from an
additional week's trade compared to 2021/22. The impact on PBTBE is
small.
A glossary of financial and non-financial terms is included at
the end of this document.
JOHN LEWIS PARTNERSHIP UNAUDITED RESULTS
FOR THE YEARED 29 JANUARY 2022 - DETAIL
Financial performance
PBTBE was GBP181m in the year, up GBP50m (38%) on 2020/21 and up
GBP111m (159%) on 2019/20. This is the highest PBTBE for the
Partnership since 2017/18. Our loss before tax was GBP26m. This was
GBP491m (95%) better than 2020/21 and GBP172m (118%) lower than the
profit two years ago.
Click or paste the following link into your web browser to view
the graph titled 'Profit before Partnership Bonus, tax and
exceptionals (GBPm)'. Refer to page 4 for this graph.
http://www.rns-pdf.londonstockexchange.com/rns/2687E_1-2022-3-9.pdf
Note: The chart shows our Profit/(loss) before Partnership
Bonus, tax and exceptionals since 2017/18, with 2019/20 shown twice
as that is the year we adopted IFRS 16 (lease accounting standard)
which reduced our profits that year by GBP53m. The period from
2017/18 to 2019/20 is shown before the adoption of IFRS 16, and the
periods 2019/20 to 2021/22 are shown after the adoption of IFRS
16.
Waitrose highlights
-- Waitrose sales grew 1% on a like-for-like basis (down 1% as
reported) and up 11% like-for-like compared to two years ago (9% as
reported). Waitrose had a strong Christmas period and outperformed
the grocery market by 1% for the year ([4]) , driven by online.
-- Total online sales now stand at 17%, up from 14% a year ago
and 5% in 2019/20. We now have capacity for up to 280,000
waitrose.com orders per week, up nearly 20% on last year, boosted
by a new distribution centre in Greenford.
-- Our partnership with Deliveroo is available in over 150
Waitrose stores, frequently generating weekly sales of GBP1m. Now
trialling Deliveroo Hop which offers delivery in as little as 10
minutes.
-- We invested GBP90m in 18 shop refurbishments, expanded our
ecomm capacity and opened ten new Waite & Rose cafes.
-- The combined strength of our two brands is being realised
through 38 dedicated John Lewis spaces in Waitrose stores. We are
targeting a further 49 by the end of 2022/23.
-- We are further increasing the brand's reach and convenience
through new supply partnerships. Margiotta, a family business of
ten stores in Scotland, and four Alliance stores in Jersey will
offer Waitrose products.
-- As part of our convenience offer, 13 new Waitrose shops
opened at Shell locations, giving us 69 sites in total, and we have
started rolling out electric vehicle charging points at Waitrose
stores under this partnership in 2022/23.
-- In 2021, we launched more than 700 new food lines. This included Levantine Table, the first pan-Partnership range with John Lewis and the biggest range launch for Waitrose in 2021.
-- Waitrose picked up a string of awards for the quality and
provenance of its food and wine. We were named winner of the Grocer
33 Award on 17 occasions, equalling our best ever record in
2020.
John Lewis highlights
-- John Lewis sales grew by 8% like-for-like on last year (4% as
reported) and up 10% like-for-like compared to two years ago (2% as
reported). This represented record sales for the year, despite
having 16 fewer stores and the disruption of the pandemic - with
John Lewis stores closed for ten weeks of the year.
-- We launched the ANYDAY range, offering value and quality,
which has attracted existing customers and over 500,000 new or
reactivated customers. Over two million customers in total shopped
ANYDAY, recording sales of over GBP120m, and 93% of customers have
bought John Lewis products in other price ranges.
-- We introduced 230 new brands, giving customers even more
choice. We grew market share across Home and Nursery categories and
had a record year for Christmas seasonal products (up 6% on last
year).
-- We invested to improve the in-store experience with local
store teams deciding what works for their customers. Cambridge,
Nottingham and Chichester saw space changes, updated furniture
concepts and new assortments. Every store now has a new 'seasonal
space' to showcase the best and newest products. We'll invest to
refresh more of our stores in 2022/23.
-- The John Lewis App was relaunched and now accounts for 23% of
online sales, up from 16% in the previous year. Customers who shop
on the App spend more than customers using other channels.
-- Our new distribution centre, Fenny Lock, will increase our
online capacity when it opens this summer.
-- John Lewis Click & Collect expanded to meet demand and is
now available in over 1,000 locations.
-- John Lewis Financial Services launched a new home insurance
product and we have seen good growth in the number of customers
investing in our ISA products. Our point of sale credit product has
helped to generate more than GBP100m retail sales since being
established across JL shopping channels. In the last quarter we
have also trialled 'easier payment' solutions to further help
customers across all channels.
Our Partners
-- This year, we're increasing our pay budget by GBP54m so we
can pay the voluntary Real Living Wage nationwide, increasing all
starting rates to at least GBP9.90 per hour. Partners will receive
a 2% pay rise this year. Further, a Partnership Bonus of 3% will be
awarded to Partners, equivalent to 1.5 weeks' pay.
-- The Partnership became the first UK retailer to announce
equal parental pay and leave and introduced two weeks' paid leave
for any Partner who experiences the loss of a pregnancy.
-- In response to the impact of the national driver shortage, we
launched an LGV Driver Academy and driver apprenticeships.
-- We opened our School of Service in John Lewis Stratford,
which provides Partners from both brands with the tools and
training to provide exceptional customer service in store and
online.
UNDERSTANDING OUR PROFIT FOR 2021/22
The Partnership's principal internal measure of trading
performance is Profit before Partnership Bonus, tax and
exceptionals (PBTBE). This comprises Trading operating profit for
our brands, combined with other operating costs managed centrally
(such as costs of our head offices, net finance costs, property
costs, depreciation and investment expenses).
Our PBTBE has been reconciled to the Partnership's statutory
measure of Loss before tax below, and the principal differences are
exceptional items and Partnership Bonus.
Trading operating profit by brand
Waitrose John Lewis
----------------------------------------- -----------------------------------------
% vs % vs % vs % vs
2021/22 2020/21 2019/20 20/21 19/20 2021/22 2020/21 2019/20 20/21 19/20
------------------ ------- ------- ------- ------ ------ ------- ------- ------- ------
Total trading
sales (GBPm) 7,536 7,595 6,917 (1)% +9% 4,926 4,722 4,830 +4% +2%
------------------- ------- ------- ------- ------ ------ ------- ------- ------- ------ ------
Total trading
sales LFL* 7,536 7,470 6,777 +1% +11% 4,906 4,536 4,448 +8% +10%
Revenue (GBPm) 6,984 7,044 6,373 (1)% +10% 3,854 3,728 3,778 +3% +2%
Trading operating
profit (GBPm) 1,020 1,145 1,063 (11)% (4)% 758 554 734 +37% +3%
Trading operating
profit (%) 14% 15% 15% 15% 12% 15%
------------------- ------- ------- ------- ------ ------ ------- ------- ------- ------ ------
*Our LFL definition is outlined in the Glossary section
In Waitrose, Total trading sales grew by 1% like-for-like (down
1% as reported) and up 11% like-for-like on 2019/20 (up 9% as
reported). This was because customer demand softened in the second
half compared to the previous year, as much of the UK returned to
more normal shopping patterns and the hospitality sector rebounded.
Revenue declined 1% compared to last year and was up 10% on
2019/20.
Waitrose's Trading operating profit margins have been
significantly diluted by inflationary pressures within supply
chains, higher levels of absence due to Covid and higher fulfilment
costs as a result of the increased levels of online trade.
Click or paste the following link into your web browser to view
the graph titled 'Waitrose Sales - Channel Mix. Refer to page 6 for
this graph.
http://www.rns-pdf.londonstockexchange.com/rns/2687E_1-2022-3-9.pdf
The combination of these factors resulted in a decline in
Waitrose Trading operating profit of GBP125m to GBP1,020m, down
11%. Our cost savings helped to mitigate some of these pressures,
with GBP74m of cost savings included within the Waitrose
results.
In John Lewis, we saw Total trading sales growth of 8%
like-for-like (4% as reported) as there were fewer lockdowns in
2021 than in 2020. Total sales were up 10% like-for-like (2% as
reported) on 2019/20 despite John Lewis shops being closed for 10
weeks at the start of the financial year. Channel mix for the year
was 67% online, 33% shops, a continuation of the move online as
customer behaviour shifts. Revenue grew 3% compared to last year
and was up 2% on 2019/20.
Click or paste the following link into your web browser to view
the graph titled 'John Lewis Sales - Channel Mix'. Refer to page 7
for this graph.
http://www.rns-pdf.londonstockexchange.com/rns/2687E_1-2022-3-9.pdf
Trading operating profit of GBP758m, up 37% on last year,
reflects that margin in John Lewis has markedly improved this year.
This was due to a combination of stronger sales, lower markdowns on
sales and the mix of sales - with a higher proportion of Fashion
and Home sales in 2021/22 than the previous year (which carry
higher margins than Technology sales that were exceptionally strong
in 2020/21). John Lewis Trading operating profit includes GBP18m of
profit contribution from our John Lewis Financial Services
business, up GBP6m compared to the previous year.
Click or paste the following link into your web browser to view
the graph titled 'John Lewis Sales - Category Mix %'. Refer to page
7 for this graph.
http://www.rns-pdf.londonstockexchange.com/rns/2687E_1-2022-3-9.pdf
In addition, cost savings in John Lewis contributed GBP34m to
Trading operating profit. Overall, these factors generated growth
in Trading operating profit of GBP204m, or 37%.
Year-on-year growth in PBTBE
Compared to the full year results for 2020/21, our PBTBE
improvement of GBP50m is due to a number of factors:
-- John Lewis Trading operating profit grew by GBP204m and
Waitrose Trading operating profit declined by GBP125m. These
figures include the impact of GBP108m of cost savings delivered
(GBP34m in John Lewis and GBP74m in Waitrose) in the year;
-- GBP62m of savings from other operating costs was delivered
compared to 2020/21, bringing the total cost savings delivered in
2021/22 to GBP170m;
-- Government support was GBP132m lower as we received less in
business rates relief and we made no claims under the Coronavirus
Job Retention Scheme this year;
-- Incremental costs of Covid were also lower this year as the
demands on social distancing, cleaning and PPE eased relative to
last year, added to the fact much of last year's social distancing
measures to protect customers and Partners remained utilised this
year;
-- Our PBTBE of GBP181m includes GBP58m ([5]) of business rates
relief this year which was fully offset by incremental costs
associated with the pandemic.
Click or paste the following link into your web browser to view
the graph titled 'Year on year profit bridge (GBPm)'. Refer to page
8 for this graph.
http://www.rns-pdf.londonstockexchange.com/rns/2687E_1-2022-3-9.pdf
Growth in PBTBE vs 2019/20
Compared to 2019/20, our PBTBE improvement of GBP111m is
principally due to the following factors:
-- John Lewis Trading operating profit has increased by GBP24m.
Waitrose Trading operating profit has declined GBP43m. These
figures include the impact of GBP108m of cost savings delivered
(GBP34m in John Lewis and GBP74m in Waitrose) in the year;
-- GBP62m of savings from other operating costs was delivered
compared to 2019/20, bringing the total cost savings delivered in
2021/22 to GBP170m;
-- We received business rates relief of GBP58m in the year,
which did not feature in 2019/20. However, this was fully offset by
costs associated with the pandemic in the year;
-- Pension costs were GBP65m lower following the closure of our
defined benefit pension scheme in April 2020. GBP43m of these
benefits are included in Trading operating profit, with GBP22m
coming through non-trading costs;
-- Net investment costs are down by GBP7m, comprising lower
depreciation costs of GBP46m offset by increased running costs for
new technology as we grow our digital capability for the
future.
Click or paste the following link into your web browser to view
the graph titled 'Year on 2 year profit bridge (GBPm)'. Refer to
page 9 for this graph.
http://www.rns-pdf.londonstockexchange.com/rns/2687E_1-2022-3-9.pdf
Exceptional items
During the year, we took difficult decisions to protect the long
term viability of the Partnership to transform and grow the
business. We closed eight John Lewis stores, a customer delivery
hub and announced a head office property exit in 2024, as well as
recording additional impairments of John Lewis stores. The number
of head office roles has been reduced, as has the number of
managers in John Lewis and Waitrose. These have totalled a net
charge of GBP161m.
Cash and liquidity
We continue to manage cash prudently given the uncertain
environment. It also ensures that there is adequate funding
available to withstand material volatility in trading, particularly
important to the Partnership as we do not have access to equity
markets owing to our model. Our Total liquidity at the year end
remains strong at GBP1.9bn, including GBP1.5bn cash and short-term
investments, and undrawn bank facilities of GBP420m. This is
required to deliver the Partnership Plan and meet our obligations.
We carry GBP1.4bn of Total net debts including leases and any
pension deficit, with GBP500m of financial borrowings due to be
repaid in the next three years (GBP200m of bank term loans maturing
between November 2022 and December 2023 and a GBP300m bond maturing
in January 2025).
During the year, we repaid a GBP75m bank term loan and secured a
new GBP420m revolving credit facility, linked to our environmental
targets. The financing replaces previous facilities of GBP500m,
which were due to expire at the end of 2022. Under the terms of the
new agreement, the interest rate we pay on the facility will vary
depending on whether we achieve three environmental targets over
five years related to reducing carbon emissions, reducing food
waste and moving away from fossil fuels in our transport fleet. We
will report on our progress towards becoming more sustainable later
in the spring.
Our debt ratio at the end of the year was 2.3x, improving from
the previous year's position of 3.4x. This reflects a significant
improvement in our pension deficit, our strong cash performance
during the year and repayments of debt without the need for
refinancing. For 2021/22, we are reporting a pension accounting
surplus but are not including this benefit in the calculation of
Total net debts or debt ratio, where instead we prudently assume
the pension scheme is breakeven. The pension deficit we reported in
both 2020/21 and 2019/20 is included in our comparatives for Total
net debt and debt ratio.
2021/22 2020/21 2019/20
--------- --------
Total liquidity (GBPm) 1,931 2,019 1,416
Total net debts (GBPm) (1,413) (2,097) (2,436)
Debt ratio 2.3x 3.4x 3.9x
------------------------- --------- -------- ---------
Pensions
Our accounting position reflects the gap between the market
value of pension assets held by our defined benefit scheme and our
pension liabilities. At the year end, we had an accounting pension
surplus before deferred tax of GBP443m (GBP308m post deferred tax),
compared to a deficit of GBP647m in January 2021 (GBP542m post
deferred tax).
The improvement of GBP1.1bn pre tax is due to a combination of a
reduction in the present value of pension liabilities combined with
higher scheme asset values. The valuation of liabilities has
decreased as a result of higher discount rates being used to assess
present values of future payments, in line with market projections
increasing expectations of interest rate rises. Whilst inflation
projections have also increased, this is more than offset by the
increased discount rate. Our scheme asset values have increased off
the back of strong returns on investments this year.
Our pension valuation is derived from a number of assumptions,
any of which can change the overall valuation substantially given
the large size of the scheme. The valuation is at a point in time,
and changes in market conditions can substantially affect this
position in the future.
Click or paste the following link into your web browser to view
the graph titled 'IAS 19 Pension surplus/(deficit) before deferred
tax - GBPm'. Refer to page 10 for this graph.
http://www.rns-pdf.londonstockexchange.com/rns/2687E_1-2022-3-9.pdf
ENQUIRIES
John Lewis Partnership
Chris Wynn, Partner & Director of Communications, 07980
242019, chris.wynn@johnlewis.co.uk
Parveen Johal, Partner & Senior Communications Manager,
07768 568644, parveen.johal@johnlewis.co.uk
Debt investors: Christof Nelischer, Partner & Head of
Treasury, investor.relations@johnlewis.co.uk
EXTRACT OF CONSOLIDATED INCOME STATEMENT FOR THE YEARED 29
JANUARY 2022 - UNAUDITED
2022 2021
GBPm GBPm
----------------------------------------- ------- -------
Revenue 10,838 10,772
Cost of sales (7,360) (7,409)
----------------------------------------- ------- -------
Gross profit 3,478 3,363
Other operating income 108 102
Operating and administrative expenses (3,468) (3,826)
----------------------------------------- ------- -------
of which:
Exceptional items (net) (161) (648)
Partnership Bonus (46) -
----------------------------------------- ------- -------
Share of profit of joint venture (net of
tax) 1 1
----------------------------------------- ------- -------
Operating profit/(loss) 119 (360)
Finance costs (155) (169)
Finance income 10 12
----------------------------------------- ------- -------
Loss before tax (26) (517)
Profit before Partnership Bonus, tax and
exceptional items 181 131
----------------------------------------- --- ---
Reconciliation of Total trading sales to Revenue
2021/22 Waitrose John Lewis Partnership
GBPm GBPm GBPm
Total trading sales 7,536 4,926 12,462
Deduct:
Value added tax (439) (798) (1,237)
Sale or return and other
accounting adjustments (113) (274) (387)
------------------------- -------- ---------- -----------
Revenue 6,984 3,854 10,838
------------------------- -------- ---------- -----------
2020/21 Waitrose John Lewis Partnership
GBPm GBPm GBPm
Total trading sales 7,595 4,722 12,317
Deduct:
Value added tax (439) (767) (1,206)
Sale or return and other
accounting adjustments (112) (227) (339)
------------------------- -------- ---------- -----------
Revenue 7,044 3,728 10,772
------------------------- -------- ---------- -----------
Reconciliation of Operating profit/(loss) to PBTBE
2022 2021
GBPm GBPm
----------------------------------------- ------ ------
Operating profit/(loss) 119 (360)
Add back:
Exceptional items 161 648
Partnership Bonus 46 -
Deduct:
Net finance costs (145) (157)
----------------------------------------- ------ ------
Profit before Partnership Bonus, tax and
exceptional items 181 131
----------------------------------------- ------ ------
Reconciliation of Loss before tax to PBTBE
2022 2021
GBPm GBPm
----------------------------------------- ------ ------
Loss before tax (26) (517)
Add back:
Exceptional items 161 648
Partnership Bonus 46 -
----------------------------------------- ------ ------
Profit before Partnership Bonus, tax and
exceptional items 181 131
----------------------------------------- ------ ------
GLOSSARY OF FINANCIAL AND NON-FINANCIAL TERMS
This glossary gives an explanation of financial and
non-financial terms included in the results statement, compared to
last year, i.e. January 2021.
TERM DEFINITION
-------------- -------------------------------------------------------------------------------------------------------------
Adjusted cash Operating profit before Partnership Bonus, exceptional
flow items, depreciation and amortisation, but after lease
adjusted interest and tax. This measure is important
to assess our Debt ratio.
2021/22 2020/21
GBPm GBPm
Operating profit/(loss) 119 (360)
add back
Depreciation, amortisation and write-offs 487 525
Exceptional items 161 648
Partnership Bonus 46 -
less
Lease adjusted interest (144) (149)
Tax (58) (40)
------- -------
Adjusted cash flow 611 624
------- -------
============== =============================================================================================================
Capital Cash outflows in relation to additions to tangible
investment assets (property, plant and equipment), and intangible
assets (IT software) recognised on the balance sheet.
============== =============================================================================================================
Debt ratio Comparison of our Total net debts to Adjusted cash
flow. This measure is important as it provides an
indication of our ability to repay our debts.
2021/22 2020/21
GBPm GBPm
Total net debts 1,413 2,097
Adjusted cash flow 611 624
Debt ratio 2.3x 3.4x
-------
============== =============================================================================================================
Exceptional Items of income and/or expense which are significant
items by virtue of their size and nature are presented
as exceptional items. The separate reporting of exceptional
items helps to provide an indication of the Partnership's
underlying business performance.
============== =============================================================================================================
Investment Total investment spend includes capital investment,
revenue investment, restructuring and redundancy
costs, and lease disposal costs.
============== =============================================================================================================
Like-for-like Comparison of sales between two periods in time (e.g.
(LFL) sales this year to last year), removing the impact of shop
openings and closures and the impact of a 53rd week
for 2020/21. Waitrose like-for-like sales excludes
fuel.
============== =============================================================================================================
PB Partnership Bonus
============== =============================================================================================================
Profit before Profit before Partnership Bonus, tax and exceptional
Partnership items. This measure is important as it allows for
Bonus, a comparison of underlying profit performance.
tax and 2021/22 2020/21
exceptional GBPm GBPm
items PBTBE 181 131
(PBTBE) Exceptional items (161) (648)
Partnership Bonus (46) -
------- -------
Loss before tax (26) (517)
------- -------
============== =============================================================================================================
Revenue Investment spend recognised directly in the income
investment statement.
============== =============================================================================================================
Total The cash, short term investments and undrawn committed
liquidity credit facilities we have available to us, which
we can use to settle liabilities as they fall due.
============== =============================================================================================================
Total net The Partnership's borrowings and overdrafts, lease
debts liabilities, derivative financial instruments and
IAS 19 pension deficit (net of deferred tax), less
any liquid cash, short-term deposits and investments. 2021/22 2020/21
GBPm GBPm
Borrowings and overdrafts (815) (904)
Derivative financial instruments (1) (16)
Pension deficit (after deferred
tax)* - (542)
Lease liabilities (1,988) (2,037)
Liquid cash, short-term deposits
and investments 1,391 1,402
-------- --------
Total net debts (1,413) (2,097)
-------- --------
*For 2021/22, we are reporting a pension accounting
surplus. For the calculation of Total net debts,
we report GBPnil where there is a post tax surplus.
============== =============================================================================================================
Total trading Total trading sales represents the full customer
sales sales value, including VAT, that is used to assess
ongoing sales performance. It is before adjustment
for sale or return sales and other accounting adjustments.
A reconciliation between Total trading sales and
Revenue is provided above.
============== =============================================================================================================
Trading Trading operating profit represents operating profits
operating used to assess the performance of the John Lewis
profit and Waitrose brands and determine the allocation
of resources to them. It excludes centrally managed
costs, including fixed property costs and depreciation.
2021/22 Waitrose John Lewis Partnership
GBPm GBPm GBPm
Trading operating profit 1,020 758 1,778
Centrally managed costs
incl property (946)
-------- ---------- -----------
Depreciation and amortisation (506)
-------- ---------- -----------
Net finance costs (145)
-------- ---------- -----------
PBTBE 181
-------- ---------- -----------
Exceptional items (161)
-------- ---------- -----------
Partnership Bonus (46)
-------- ---------- -----------
Loss before tax (26)
-------- ---------- -----------
2020/21 Waitrose John Lewis Partnership
GBPm GBPm GBPm
Trading operating profit 1,145 554 1,699
Centrally managed costs
incl property (901)
-------- ----------
Depreciation and amortisation (510)
-------- ----------
Net finance costs (157)
-------- ---------- -----------
PBTBE 131
-------- ----------
Exceptional items (648)
-------- ---------- -----------
Loss before tax (517)
-------- ---------- -----------
============== =============================================================================================================
Trading Trading operating profit divided by Total trading
operating sales.
profit %
============== =============================================================================================================
([1]) Profit before Partnership Bonus, tax and exceptional items
(PBTBE)
([2]) All references to sales are Total trading sales which
includes VAT, sale or return and other accounting adjustments
([3]) We report sales using two measures: as reported and
like-for-like. 'As reported' is the comparison between the
statutory balances for two periods of time (e.g. this year to last
year). 'Like-for-like' sales are the 'as reported' sales after
adjustments to remove the impact of shop openings and closures and
the impact of a 53rd week for 2020/21. Waitrose like-for-like sales
excludes fuel. Like-for-like sales gives a better comparison of our
underlying performance
([4]) Source data: Kantar sales data February 2020 to January
2022
([5]) Rates relief in the first half of the year: GBP23m in the
Government's original scheme and GBP35m in the extension of the
scheme
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