UK retailer Waitrose has seen investment costs eat into its half-year profits despite increasing like-for-like sales.
The company said today (14 September) that its operating profit dropped 13.8% to GBP110.2m in the six months to 30 July.
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Waitrose said “planned investment” in its “customer offer, service, efficiency and future growth” had “held back profit delivery”.
The retailer’s owner, The John Lewis Partnership, pointed to GBP149.5m spent on rebranding acquired outlets and opening new stores in the first half of its financial year.
Nevertheless, Waitrose reported an “industry-leading” rise in sales and said it had “outperformed the market for over two years”. Waitrose said its gross sales were up 8.7% at GBP209.7m, with its like-for-like food sales increasing 4%.
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