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Retail

Waitrose & Partners Posts 4% Sales Growth In First Half

By Dayeeta Das
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Waitrose & Partners Posts 4% Sales Growth In First Half

Upmarket UK retailer Waitrose & Partners has reported 4% year-on-year growth in sales to £3.7 billion (€4.3 billion) in the first half of its financial year.

This performance was driven by 9% in increase in prices and 5% decline in volumes, John Lewis Partnership said in a statement.

The supermarket chain saw trading operating profit improve to £504.4 million (€586.8 million) from £431.7 million (€502.2 million) in the same period last year.

The company added that Waitrose witnessed an improvement in volume trends as the first half progressed.

Its ‘New Lower Prices’ campaign drove product sales growth of 12% and volumes up 13% year-on-year.

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John Lewis Partnership

The company, which operates the John Lewis department stores and the Waitrose supermarket chain in the UK, narrowed its losses before tax and exceptional items by 14% year on year, from £66.8 million (€77.7 million) to £57.3 million (€66.7 million) in the first half.

Total sales amounted to £5.8 billion (€6.8 billion), up 2% year-on-year, while revenue increased by 3%.

The company saw 600,000 new customers in this period, to taking its total number of customers to 21.4 million.

Sharon White, chair of John Lewis Partnership said, "The partnership is a unique model that has been tested and come through stronger many times in our 100 year history.

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"While change is never easy - and there is a long road ahead - there are reasons for optimism. Performance is improving. More customers are shopping with us. Trust in the brands and support for the partnership model remain high."

Outlook

Parent company, John Lewis Partnership expects an improved full-year financial performance on the back of robust trading at Waitrose and further efficiency savings in the second half.

Nish Kankiwala, chief executive of John Lewis Partnership, added, "Our transformation to modernise our business is well under way, and I want to thank our partners for their efforts to give customers great service, quality and value when they shop with us in store or online.

"There are no brands better placed than Waitrose and John Lewis to provide customers with what they need right now - to help them feel good and eat well."

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