UK: Waitrose reports higher H1 profits
- Operating profit climbs 28.9%
- LFL sales up 2.2%
- Online sales grow 50%
Waitrose attributed the increases to strategic investments made over the last few years
UK retailer Waitrose has today (13 September) recorded an increase in first-half profits boosted, it said, by sales, increased efficiency and investment in convenience and online.
In the six months ended 28 July, operating profit climbed 28.9% to GBP142m (US$228.9m). A number of "strategic investments" made over the last few years, including convenience, Waitrose.com and in the Channel Islands, contributed to the growth, its owner The John Lewis Partnership said.
"The positive impact of these, along with increased efficiency and the benefits of growth, are seen in this profit performance which in turn provides a platform for further increases in investment in the second half," it added.
Gross sales grew 6.6% to GBP2.8bn underpinned by like-for-like sales growth of 2.2% and new branch openings.
"The investment made in Waitrose.com continues to bear fruit with online sales growing by 50%," John Lewis said. "During the first half of the year, Waitrose.com continued to be the fastest growing major UK online grocery retailer, according to Kantar Worldpanel data."
Waitrose opened four new supermarkets and six Little Waitrose convenience branches in the period, bringing the total store number to 282 shops, including 34 convenience shops, at the end of July.
The price gap between private label and brands did, in the main, close in the last quarter in 2012, according to the latest figures from the just-food international basket. SymphonyIRI, which compiles...
In a week of results from major retailers, Carrefour cheered the market with improvement in France, upmarket UK grocer Waitrose highlighted its strong year and Belgium's Delhaize insisted its business...
- What next for Nestle under new CEO Schneider?
- Unilever is "working harder" in tough environment
- Hemp food sales in the US set for growth
- Nestle catering for an ageing global population
- Brexit and UK food market policymaking
- Unilever sees growth but spreads decline continues
- Dairy Crest sees "momentum" in spreads
- Campbell's Soup's sustainable growth strategy
- Campbell takes Unilever to court in Australia
- Job cuts imminent as General Mills restructures