TIDM45GD
RNS Number : 2118Z
Lewis(John) PLC
09 January 2020
John Lewis plc makes the following announcement for John Lewis
Partnership plc,
the ultimate holding company of John Lewis plc.
07.00am Thursday 9 January 2020
Christmas Trading Statement for seven weeks from 17 November
2019 to 4 January 2020([1])
Trading summary
-- Gross sales at the John Lewis Partnership were down 1.8% versus last year to GBP2,167m.
-- Waitrose & Partners gross sales (excluding fuel) were
GBP1,033m, down 1.3% versus last year (due to shop closures) but up
0.4% on a like-for-like basis.
-- John Lewis & Partners gross sales were GBP1,134m, down
2.3% versus last year and down 2.0% on a like-for-like basis.
-- Waitrose & Partners online sales increased by 16.7% and
in the seven days to Christmas online grocery orders were up 23.4%.
John Lewis & Partners online sales increased by 1.4%.
Sir Charlie Mayfield, Chairman of the John Lewis Partnership,
said: "We saw a good sales performance in Waitrose & Partners,
despite a weak grocery market, with like-for-like sales up 0.4%. In
John Lewis & Partners like-for-like sales were 2.0% down on
last year. Operationally - across availability, service, delivery
and online - we saw a strong performance in both brands.
In John Lewis & Partners, Beauty sales were up 4.7%,
comfortably ahead of the market, with overall Fashion sales up
0.1%. Home sales were down 3.4% and Electricals & Home
Technology sales were down 4.0%. We saw significant variation in
levels of demand with Black Friday sales up 10.0% on the equivalent
period last year, followed by more subdued demand in the subsequent
weeks.
In Waitrose & Partners we saw encouraging progress against
our milestones to accelerate growth online next year, with a 23.4%
increase in orders and an increase in basket sizes in the seven
days to Christmas.
At the full year, we expect profits in Waitrose & Partners
to be broadly in line with last year. In John Lewis & Partners
we will reverse the losses incurred in the first half of the year,
but profits will be substantially down on last year. We therefore
expect that Partnership profit before exceptionals will be
significantly lower than last year. Our balance sheet and liquidity
position are strong and we expect to improve our Debt Ratio([2])
.
The Partnership Board will meet in February to decide whether it
is prudent to pay a Partnership Bonus. The decision will be
influenced by our level of profitability, planned investment and
maintaining the strength of our balance sheet."
Future Partnership
Last October we announced bold changes to the way the
Partnership will be led in future. Known as the Future Partnership
plan, it integrates the teams behind our two brands under one new
Executive team structure. Good progress has been made in
implementing that structure, with more than 90% of leadership
appointments now confirmed.
We are announcing today that Paula Nickolds, currently the
Managing Director of John Lewis & Partners, will step down from
the Board and will be leaving the Partnership in February 2020.
Paula has been with the Partnership for 25 years and has been an
outstanding Partner and leader throughout her time. She has played
a central role in the development of John Lewis & Partners over
the last 10 years in a variety of senior positions. After some
reflection on the responsibilities of her proposed new role, we
have decided together that the implementation of the Future
Partnership structure in February is the right time for her to move
on and she will leave the Partnership with our gratitude and best
wishes for the future.
Future Partnership will be in place from the start of February,
when Sharon White will become the Partnership's sixth Chairman.
Enquiries
For further information please contact:
John Lewis Partnership
Clayton Hirst, Partner & Head of Corporate and Public
Affairs, 020 7592 6199
Sarah Henderson, Partner & Senior External Communications
Manager, 07764 676036
Citigate Dewe Rogerson
Simon Rigby, Joint Managing Director, 07771 784446
Jos Bieneman, Director, 07834 336650
Ellen Wilton, Associate Director, 07921 352851
John Lewis & Partners
Gillian Taylor, Partner & Head of Communications, 07919
057931
Katie Robson, Partner & Senior Communications Manager, 07584
669696
Waitrose & Partners
Graeme Buck, Partner & Head of Communications, 07703
379561
Gill Smith, Partner & Senior Corporate PR Manager, 07887
898133
Debt investors
Sean Privilege, Partner & Senior Manager, Treasury and
Corporate Finance, 0207 798 3761
NOTES TO EDITORS
ABOUT THE JOHN LEWIS PARTNERSHIP
The John Lewis Partnership owns and operates two of Britain's
best-loved retail brands - John Lewis & Partners and Waitrose
& Partners. Started as a radical idea nearly a century ago, the
Partnership is now the largest employee-owned business in the UK,
with more than 80,000 employees who are all Partners in the
business and share in its profits. The Partnership operates on
strong democratic principles, which means that every Partner has a
say in how the organisation is run. The business has annual gross
sales of over GBP11.7bn, 388 shops and a leading online business.
Its commercial strategy is focused on differentiation rather than
scale, through investment in innovation and Partner-led
service.
ABOUT JOHN LEWIS & PARTNERS
John Lewis & Partners operates 50 shops across the UK (37
department stores, 12 John Lewis at home and shops at St Pancras
International and Heathrow Terminal 2) as well as johnlewis.com. In
the changing world of retail, John Lewis is focused on competing
through differentiation and innovation in three key areas - unique
own brand and exclusive products that customers cannot buy anywhere
else, exceptional Partner-centric service and experiences, and its
expanding range of financial and home services that wrap around
everything it sells. John Lewis & Partners won Best Retailer,
Best Electricals Retailer, Best Homewares Retailer and Best
Furniture Retailer at the GlobalData Customer Satisfaction Awards
2019, and its Westfield White City shop won Best New Store at the
Retail Week Awards 2019.
ABOUT WAITROSE & PARTNERS
Waitrose & Partners has 338 shops in England, Scotland,
Wales and the Channel Islands, including 61 convenience branches,
and another 27 shops at Welcome Break locations. It combines the
convenience of a supermarket with the expertise and service of a
specialist shop - dedicated to offering quality food that has been
responsibly sourced, combined with high standards of customer
service. Waitrose & Partners is an employee-owned business -
all employees are Partners and have a say in how the business is
run. Waitrose & Partners exports products to more than 50
countries worldwide and has eleven shops which operate under
licence in the Middle East. The retailer's omnichannel business
includes the online grocery service, Waitrose.com, as well as
specialist online shops including waitrosecellar.com for wine and
waitroseflorist.com for plants and flowers.
[1] Last year was seven weeks 18 November 2018 to 5 January
2019.
[2] Subject to interest rate movements that may affect our
year-end pension deficit.
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END
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