Upmarket UK grocer Waitrose said yesterday (11 March) that its annual profits jumped more than a quarter thanks to rising sales and the addition of new stores to its network.
Waitrose’s operating profit climbed 26.8% to GBP56.7m in the 12 months to 31 January.
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Sales at Waitrose increased 9% as the company focused on expanding its reach to new customers throughout the UK, opening 25 new stores and developing partnerships with companies such as Welcome Break, which operates motorway service stations.
Same-store sales rose 3.6% as Waitrose attempted to broaden its appeal by lowering prices and launching Essentials, an entry point own-label range. The company said that it invested GBP25m during the year to improve its price competitiveness.
Gains at Waitrose outpaced the department store business of its parent the John Lewis Partnership, which saw group profits rise 15% in the fiscal year.
“Waitrose has made enormous progress in the year with significant investment in both price and in the development of new shops, new formats and strategic partnerships. This, combined with the tremendous success of Essential Waitrose has made the Waitrose brand more accessible to more customers in more parts of the United Kingdom,” John Lewis Partnership chairman Charlie Mayfield said
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