Waitrose profits hit by investment and value focus

15 September, 2011

Waitrose, the supermarket retailer owned by the John Lewis partnership, saw like-for-like sales grow by 4% in the half-year ended 30 July 2011.

However, it revealed that it had suffered a drop in half-year operating profits of almost 14% or £17.6m to £110.2m – following a squeeze on margins as it upped its value ranges and invested heavily.

Capital expenditure was up from £48m for the equivalent period last year to £150m, as Waitrose opened 16 new shops compared to nine in 2010.

Charlie Mayfield, chairman of the John Lewis Partnership, said: “We are not simply waiting for the recovery. We have increased the pace of investment and innovation across the partnership, putting us in the best possible position to seize the opportunities created by the structural shifts in how consumers are shopping.”

Waitrose has also revealed plans to run two Little Waitrose convenience stores at Shell forecourts in Watford and Kensington Gardens.





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