60% jump in profits for John Lewis
Thursday 13 September 2012
John Lewis posted a 60 per cent jump in profits today as Britain's summer of special events helped the stores and grocery chain weather the economic downturn.
The employee-owned partnership, which has 37 John Lewis shops and 284 Waitrose supermarkets, also credited strong online growth for an 8.6 per cent rise in revenues to £3.9 billion and profits of £144.5 million in the six months to July 28.
It said consumer demand remained fragile but that its department stores still enjoyed like-for-like sales growth of 8.5 per cent in the following six weeks, close to the 9.2 per cent improvement over the previous six months.
As the official department store of London 2012, the group has benefited from sales linked to the Olympics and Paralympics, as well as the Diamond Jubilee.
The stores group also picked up business from the launch of new technology, such as Apple's iPad and the switchover to digital television.
Today's performance represents a strong recovery from the previous financial year, when the group's price-match promise triggered the first profits fall since 2009 and a cut in the staff bonus from 18 per cent to 14 per cent of salary.
The business warned today that investment costs meant the pace of growth seen in the first half of this year was unlikely to be maintained over the second half, although the rate of growth will remain positive.
Operating profits in the first half at John Lewis department stores jumped 188 per cent to £45.6 million, while Waitrose rose 29 per cent to £142 million.
- 1 Caitlyn Jenner car crash: Driver who died in collision sued by surviving passengers for $18.5m
- 2 Pictures show young Palestinian girl biting Israeli soldier trying to detain boy during West Bank protests
- 3 Watch the Supermoon live: How to see the brightest Moon of the year tonight
- 4 Blood Moon and Supermoon: September to bring brightest – and dimmest – full Moon of the year on same night
- 5 The 20 toughest job interview questions in the world
Caitlyn Jenner car crash: Driver who died in collision sued by surviving passengers for $18.5m
Pictures show young Palestinian girl biting Israeli soldier trying to detain boy during West Bank protests
Celebrity Big Brother 2015: Tila Tequila kicked off show after 'describing Hitler as a good man'
Watch the Supermoon live: How to see the brightest Moon of the year tonight
Hulk Hogan wants to be Donald Trump's running mate in the US Presidential election
Climate change: 2015 will be the hottest year on record 'by a mile', experts say
'Women only' train carriages: Jeremy Corbyn unveils radical move to tackle public harassment
Black holes are a passage to another universe, says Stephen Hawking
Iain Duncan Smith 'should resign over disability benefit death figures', says Jeremy Corbyn
Stock up on canned food for stock market crash, warns former Gordon Brown adviser
Labour leadership: Jeremy Corbyn voters most likely to believe 'world is controlled by a secretive elite'
iJobs Money & Business
£25000 - £30000 per annum: Recruitment Genius: From modest beginnings the comp...
£35000 - £40000 per annum: Recruitment Genius: From modest beginnings the comp...
£15000 - £65000 per annum: Recruitment Genius: This is an exciting opportunity...
£18000 - £20000 per annum: Recruitment Genius: This is a fantastic opportunity...