UK retailer Waitrose posted a fall in full-year operating profit today (11 March), weighing on the results of owner John Lewis.
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Waitrose saw its operating profit, including property gains, drop by 5.7% to GBP214.6m (US$295.7m), while John Lewis in turn posted a fall in operating profit to GBP323.5m – a drop of 18%.
However, Waitrose sales were up GBP206.3m to reach just over GBP4bn. The retailer posted like-for-like growth of 0.4%, excluding petrol.
Charlie Mayfield, chairman of John Lewis Partnership, said 2008 was a “very tough” year.
“We controlled costs tightly, traded confidently and stayed true to our customer promise of quality and price competitiveness.
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By GlobalData‘Our customers stayed loyal to John Lewis and Waitrose and our partners worked harder than ever to provide the highest possible standards of customer service.
‘We think 2009 will be another very difficult trading year. We’ve set an ambitious pace for change and continue to have the appetite and funds to expand and enhance our offer.”
Waitrose opened 11 new shops in 2008 and plan a further 22 in 2009. The company also launched ‘Essential Waitrose’ – a line of 1,400 own-label foods.
