The John Lewis Partnership has restated its profits for last year by £36m (£488.2m) after confirming it had breached rules around payment of the minimum wage and would need to award backpay. The Partnership, which runs John Lewis department stores and Waitrose grocery shops, confirmed that a payroll error relating to a “pay averaging” practice meant that all staff receiving hourly pay over the last six years had been affected by the mistake. The company’s pre-tax profits for 2016 are now stated as £452.2m as opposed to the $46.6m reported in January.
The John Lewis Partnership has restated its profits for last year by £36m ($46.6m) after confirming it had breached rules around payment of the minimum wage and would need to award backpay. The Partnership, which runs John Lewis department stores and Waitrose grocery shops, confirmed that a payroll error relating to a “pay averaging” practice meant that all staff receiving hourly pay over the last six years had been affected by the mistake. The company’s pre-tax profits for 2016 are now stated as £452.2m as opposed to the £488.2m reported in January.