The John Lewis Partnership announced that full-year profits had risen 10 percent to £252 million due to the continued strength of like-for-like sales. The company has surpassed many top high street retailers who have suffered a difficult year. It also said that trading in the first five weeks of this year had been strong. Furthermore, the group announced the acquisition of five stores, two of which are in Edinburgh. Group sales rose 8 percent to £5.8 billion, thanks mainly to a 13 percent rise in sales at Waitrose. Turnover at John Lewis department stores rose a mere 2 percent.
Meanwhile John Lewis profits dropped 6 percent to $192 million, partly as a result of one-off costs. Waitrose profits rose 19 percent to £231 million. In a company statement, group chairman Stuart Hampson said that 2006 would be a difficult year despite a good start to the year. “Looking ahead, there is every indication that this year will continue to be a tough one and that retailing in 2006 will not be for the faint-hearted,” he said. The members of the John Lewis Partnership, which include most John Lewis non-food and Waitrose chain employees, will share in the £120 million bonus.
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