John Lewis sees sales and profits surge
The John Lewis Partnership reported revenue up 6.5% to £7.4bn for the year ending 30 January.
The chain revealed a profit increase of 20.5% to £389.7m.
Sales at Waitrose, the Partnership’s food business were up 9% to £4.5bn and like-for-like store growth of 3.6% while the department store chain saw a 2.8% increase in revenue to £2.9bn and like-for-like sales up 2.3%
During the year, Waitrose launched its Essential Waitrose range with over 1,400 everyday products and opened 25 new shops.
Sales at John Lewis Direct, the department store’s online business were up 18.2%, to £393.5m
Charlie Mayfield, chairman of John Lewis Partnership says that during the year Waitrose has invested in price with the launch of Essential Waitrose and in developing new shops, store formats and strategic partnerships, which has made the Waitrose brand more accessible to more customers.
He adds: “This was a year of profound change across the partnership and the resilience and flexibility of our business model has underpinned a market leading performance. We have continued to invest, innovate and grow, emerging from the recession in a stronger competitive position.”
John Lewis and Waitrose staff will share a bonus pot of £151.3m, receiving 15% of their annual salary.
In February John Lewis revealed that it is the Official Department Store Provider for the London 2012 Olympic Games, but the deal does not include Waitrose.
