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.
- 2 Friends 20th anniversary: Alison Jackson photographs reunited cast
- 3 A bottle of wine a day is not bad for you and abstaining is worse than drinking, scientist claims
- 5 Free U2 album: How the most generous giveaway in music history turned into a PR disaster
Scottish independence: Despite defeat history may still point to Alex Salmond as the victor
Scottish independence referendum: Frankie Boyle reacts to nation's 'No' vote - 'To be fair, I've always hated Scotland'
Iranian blogger found guilty of insulting Prophet Mohammad on Facebook sentenced to death
Scottish referendum: Police struggle to control Unionist rally in Glasgow's George Square
Hitler’s former food taster reveals the horrors of the Wolf’s Lair
Daniele Watts: Django Unchained actress detained by Los Angeles police after being mistaken for a prostitute
Scottish independence referendum: A nation divided against itself
Scottish referendum results: Cross-party consensus collapses amid Tory-Labour spat on the 'English question'
Scottish independence: David Cameron is becoming the 'George Bush of Britain'
Russia freezes Ukraine into submission: Kiev admits country doesn't have enough fuel for winter
Scottish independence: The Queen breaks silence on referendum debate – as think tank warns of £14bn black hole if Scotland votes Yes
iJobs Money & Business
£400 - £450 Per Day: Clearwater People Solutions Ltd: **URGENT CONTRACT ROLE**...
Up to £100k or £450p/d: Saxton Leigh: My client is a leading commodities tradi...
£320 - £330 per day: Ashdown Group: The Ashdown Group have been engaged by a l...
To £75,000 + Pension + Benefits + Bonus: Saxton Leigh: My client is looking f...