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Continued sales and profit growth for John Lewis Partnership

The Partnership delivered gross sales of £3.8bn, up £421.0m (+12.4%) with gross sales operating profit of £145.2m, up £19.0m (+15.1%). Operating margins also improved to 3.81% (2009/10 3.73%). Profit before tax was £110.5m, up £24.2m (+28.0%).

Waitrose gross sales rose to £2.4bn, up £245.2m (+11.3%) and John Lewis gross sales to £1.4bn, up £175.8m (+14.5%). Waitrose also added 75,000 sq ft (+1.7%) of selling space from nine new branches opened, including three in convenience format. The Partnership created 1,900 (net) new jobs.

There was strong growth in internet sales for up 36.1%.

Charlie Mayfield, Chairman of the John Lewis Partnership, commented, 'This has been a strong first half performance by the Partnership. We took decisions during the recession to invest in existing shops, in new formats, in multi-channel and in 'value' and we are now seeing the benefits coming through.

Waitrose has delivered consistent and significant outperformance of the market. This has funded a range of investments for the future, including the successful marketing campaign with Delia Smith and Heston Blumenthal, the launch of new formats and encouraging results from strategic partnerships.
John Lewis traded well ahead of expectations, with growing at twice the market rate and excellent growth in fashion.

This breadth of innovation and investment across the Partnership is a testament to the customer focus and ambition of all our Partners.
The Partnership's ownership model enables us to focus on the long term and we will continue to move ahead with our plans. Despite the economic headwinds, and tougher comparables in the second half, I am confident that both Waitrose and John Lewis will continue to grow ahead of the market.'

Source : The Retail Bulletin

16 September 2010
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