Retailer John Lewis has restored its staff bonus after reporting sharply lower annual losses, saying its recovery plan is gaining momentum.
The employee-owned group, which runs John Lewis department stores and upmarket supermarket chain Waitrose, has been hit hard by the Covid pandemic. It has clkosed stores and cut jobs under a five-year recovery plan set out in October 2020.
It made a pretax loss of £26 million in the year to January 29 versus a loss of £517m the previous year. However, profit before exceptional items rose 38 per cent to £181m.
The group said it will pay a 3 per cent bonus to staff, equivalent to 1.5 weeks' pay and totalling £46m.
Total sales rose 1% to £12.5 billion, with John Lewis making sales of £4.93bn, up 4%, and Waitrose £7.54bn, down 1%. Exceptional charges of £161m were booked - mostly restructuring costs, property lease exit costs and a further small write-down of the value of John Lewis stores.
STV in confident mood after broadcaster posts record results
STV boss Simon Pitts has declared the broadcaster is “feeling good” about its outlook after reporting its highest-ever revenue and operating profit.
Glasgow-based STV reported a profit before tax of £20.1 million on revenue of £144.5m for the year to December 31, with profits and turnover comfortably ahead not just of 2020, when its operations and the advertising market were blighted by lockdown, but its pre-pandemic levels of 2019. Operating profit was up 12% on 2019 at a record £25.2m.
Stagecoach chiefs accept new bid valuing bus giant at £600m
The battle for Stagecoach took a dramatic turn yesterday when it emerged the board of the Perth-based bus giant had reached agreement on a cash offer from a German investment company valuing it at nearly £600 million, eclipsing a previous deal tabled by National Express.
And the 105p per share offer from a fund managed by DWS Infrastructure, valuing Stagecoach at £595m, could lead to the headquarters of Stagecoach staying in Perth, with the current management team led by chief executive Martin Griffiths remaining in place.
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