Upmarket UK supermarket group Waitrose has seen half-year profits rise almost 16% after sales were boosted by store openings and the launch of the Essential own-label range.
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Operating profit climbed 15.7% to GBP121.1m (US$200m), the company said today (17 September).
Gross sales totalled GBP2.18bn, a rise of 7.4%. Like-for-like sales rose 1.8%, excluding petrol.
During the six-month period, Waitrose opened 17 shops, including the first two Waitrose stores in Welcome Break service stations.
Commenting on the supermarket chain’s performance, Charlie Mayfield, chairman of Waitrose owner the John Lewis Partnership, said that the group had adjusted well to the difficult economic conditions.
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By GlobalData“We believe that trading conditions this year will continue to be better than expected. However, 2010 may be difficult and we foresee a slow, drawn out economic recovery. Trading in the first six weeks has been encouraging and we are confident that the Partnership is well-placed to trade strongly and maintain momentum,” he said.
Despite the strong performance from Waitrose, the John Lewis Partnership saw profits slide 19.6%, as operating profits at its department store business plunged 49%.
Group underlying pre-tax profit fell to GBP86.3m from GBP107.3m last year.
