UK-based Waitrose has reported that profits fell 3.4 per cent to £211.6m (€229.1m) in 2008, as the economic climate took its toll on both the supermarket chain and its parent group John Lewis, which saw profits fall 26 per cent to £280m (€303.1m).
The group's 198 outlets across the UK cut prices by £30m (€32.5m), which, according to group managing director Mark Price, had close the price gap on Sainsbury's by 2.5 per cent and Tesco by 3.3 per cent.
The group is set to cut prices by a further £50m (€54.1m) this year, he said, and would further expand with the opening of 22 stores to take its portfolio to 220.
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