September 17, 2012

UK retailer John Lewis Partnership revenues increase

UK-based John Lewis Partnership, the owner of retail businesses John Lewis and Waitrose, has reported 8.6% increase in revenue to £3.9bn in the half year ending 28 July 2012. The company has announced its interim, unaudited financial results on 13 September.

By Prasanth Katam

UK-based John Lewis Partnership, the owner of retail businesses John Lewis and Waitrose, has reported 8.6% increase in revenue to £3.9bn in the half year ending 28 July 2012. The company has announced its interim, unaudited financial results on 13 September.

The group’s gross sales increased by 8.7% or £353.8m to £4.4bn, compared to same period a year ago.

Operating profit climbed 46.6% or £52m to £163.5m, while profit before tax increased 59.8% to £144.5m.

The chain’s revenue totaled £2.6bn. Gross sales were up 6.6% to £2.8bn, while like-for-like sales rose 2.2%. Operating profit climbed 28.9% to £142m.

During the same period, John Lewis recorded a 12.9% rise in revenue to £1.3bn. Gross sales climbed 12.8% to £1.6bn, while like-for-like sales were up 9.2%.

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In the half year to 28 July, johnlewis.com sales surged 43.1% to £375.8m. Operating profit jumped 188.6% to £29.8m during the same period.

Waitrose has opened 10 new stores in the period, of which six were convenience stores and four supermarkets.

John Lewis Partnership Chairman Charlie Mayfield said the partnership has delivered strong growth in the first half with gross sales up by 8.7% and profit before tax up by almost 60%.

Waitrose increased gross sales by 6.6% and operating profit by almost 29%," Mayfield added.

"John Lewis, where profits are often more volatile in the first half, grew gross sales by nearly 13% and operating profit more than doubled. Both Waitrose and John Lewis increased their market shares."

John Lewis Partnership operates 37 John Lewis shops across the UK, comprising 29 department stores and eight John Lewis at home; johnlewis.com and 284 Waitrose supermarkets.