Partnership strategy update 27 June 2018 Sir Charlie Mayfield - - PowerPoint PPT Presentation

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Partnership strategy update 27 June 2018 Sir Charlie Mayfield - - PowerPoint PPT Presentation

Nov 18, 2022 259 likes •543 views

Now & the Future Partnership strategy update 27 June 2018 Sir Charlie Mayfield Patrick Lewis Rob Collins Paula Nickolds The John Lewis Partnership is like a Curates egg, both good and bad. Some of their strengths can be weaknesses.

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Now & the Future Partnership strategy update

27 June 2018 Sir Charlie Mayfield Patrick Lewis Rob Collins Paula Nickolds

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“The John Lewis Partnership is like a Curate’s egg, both good and bad. Some of their strengths can be weaknesses. For example, one of the enormous strengths is its history, the values, model and philosophy but much of the future of the Partnership will be defined by how it deals with those strengths in this current environment. Can it answer these threats without losing what it stands for?”

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The challenge

Excess of supply vs demand Inflationary pressures

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  • Strong position relative to market
  • Difference not scale
  • Built off sound financial strategy

What choices are we making?

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SECURE

Securing the Partnership’s future

Patrick Lewis

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The Partnership model

1. OUR PURPOSE

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Return on invested capital %

* Includes allocation of Group costs and adjustment for above market benefits Source: information from latest Company annual reports and websites

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Operating margin %

* Includes allocation of Group costs and adjustment for above market benefits Source: information from latest Company annual reports and websites

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Our financial strategy Long term Financially independent Debt reduction and investment in the future Rewards of ownership shared with Partners Strong and flexible

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In the last three years we have:

  • Stopped new investment in physical growth
  • Halved the accrual on our DB pension scheme
  • Reduced discretionary pension increases
  • Reduced Partnership Bonus
  • Doubled our total liquidity to over £1bn

Strengthening our balance sheet

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Prioritising a strong and flexible balance sheet

Cost efficiency & debt reduction Supply chain IT Property Head Office costs Pension

SECURE

Shops Waitrose profitability

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Differentiating Waitrose

Rob Collins

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Differentiation: product

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Differentiation: innovation

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Differentiation: tailoring

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Differentiation: health & wellbeing

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Differentiation: doing the right thing

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Differentiation: Service

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Differentiating John Lewis

Paula Nickolds

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Differentiation: Product

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Differentiation: Service

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Differentiation: New and enhanced services

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Always here, never standing still

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Summary

Sir Charlie Mayfield

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Summary

  • We will continue innovation
  • A financial strategy ready for all weathers
  • Partners at the heart
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New brand identity

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Questions