Waitrose sales rise 4% to £4.3bn despite widening John Lewis losses

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Waitrose sales climbed four per cent to £4.3bn in the first half as the grocer continued to outperform its sister John Lewis department store business, despite mounting pressure on profits across the wider Partnership.

John Lewis Partnership sales rose two per cent to £6.3bn in the six months to 1 August, but its loss before tax and exceptional items widened to £89m from £34m a year earlier.

The employee-owned group blamed the deterioration on continued investment in its transformation programme and higher operating costs, alongside a tougher consumer backdrop.

Waitrose proved a brighter spot for the business, with its four per cent sales increase contrasting with a two per cent decline at John Lewis, where sales fell to £2bn as shoppers pulled back on more expensive discretionary purchases.

The Partnership said trading conditions had been affected by wider economic and geopolitical uncertainty, with higher fuel and energy costs adding to inflationary pressures and weighing on consumer confidence.

Chairman Jason Tarry remained cautious about the outlook for the remainder of the year, with the crucial Christmas period set to play a significant role in the group’s full-year performance.

Waitrose’s growth comes as the supermarket continues to step up investment in its estate and proposition. The grocer is in the midst of a £1bn investment programme spanning new and refurbished stores, online operations and partnerships with on-demand and travel retail operators.

The supermarket has also continued to invest in premium food, recently committing £10m over three years to overhaul its prepared meals range as it looks to capitalise on growing demand for higher-quality dining-at-home options.

Despite Waitrose’s positive momentum, the Partnership said it remained cautious about consumer sentiment and the wider economic environment heading into its most important trading period of the year.

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Waitrose sales rise 4% to £4.3bn despite widening John Lewis losses

Waitrose

Waitrose sales climbed four per cent to £4.3bn in the first half as the grocer continued to outperform its sister John Lewis department store business, despite mounting pressure on profits across the wider Partnership.

John Lewis Partnership sales rose two per cent to £6.3bn in the six months to 1 August, but its loss before tax and exceptional items widened to £89m from £34m a year earlier.

The employee-owned group blamed the deterioration on continued investment in its transformation programme and higher operating costs, alongside a tougher consumer backdrop.

Waitrose proved a brighter spot for the business, with its four per cent sales increase contrasting with a two per cent decline at John Lewis, where sales fell to £2bn as shoppers pulled back on more expensive discretionary purchases.

The Partnership said trading conditions had been affected by wider economic and geopolitical uncertainty, with higher fuel and energy costs adding to inflationary pressures and weighing on consumer confidence.

Chairman Jason Tarry remained cautious about the outlook for the remainder of the year, with the crucial Christmas period set to play a significant role in the group’s full-year performance.

Waitrose’s growth comes as the supermarket continues to step up investment in its estate and proposition. The grocer is in the midst of a £1bn investment programme spanning new and refurbished stores, online operations and partnerships with on-demand and travel retail operators.

The supermarket has also continued to invest in premium food, recently committing £10m over three years to overhaul its prepared meals range as it looks to capitalise on growing demand for higher-quality dining-at-home options.

Despite Waitrose’s positive momentum, the Partnership said it remained cautious about consumer sentiment and the wider economic environment heading into its most important trading period of the year.

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