What: British retailer, the John Lewis Partnership, reported sharply lower annual losses and restored its staff bonus in fiscal year 2021, saying its recovery plan was gaining momentum.

Why it is important: John Lewis department store was hit hard by Covid but achieved its highest ever sales of GBP 4.93bn, up 8% like-for-like on last year.

Here is a summary of the Partnership’s results:

• Profit before exceptional items rebounded to GBP 181m, up 38% from last year.
• Loss before tax was GBP 26m, GBP491m better than last year.
• A bonus of 3% was 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 of GBP 12.5bn, up 1%.
• John Lewis achieved its highest ever sales of GBP 4.93bn, up 8% like-for-like on last year.
• Waitrose sales hit GBP 7.54bn, up 1% like-for-like on last year.

John Lewis Partnership shares fiscal 2021 results