Waitrose has reported a 3.7 per cent rise in underlying growth in the first half of its financial year, which stands out in a market that is generally beset by poor trading conditions.
The retail grocery chain was the star performer for the John Lewis partnership in the six months to July 31, with sales increasing by an impressive 6.4 per cent, to £1.4 billion.
Group chairman Stuart Hampson hailed the Waitrose results as the division’s benefit from the group’s £1.2bn investment in existing department stores and supermarkets.
“The partnership has set a cracking pace in the first half and shown that we can keep up the progress on change, but at the same time move profits ahead,” he said.
Waitrose is in the process of spending £330m on the purchase of and conversion of 18 ex-Safeway stores. Seven have been converted to date, with each transformation running to a swift two-week timetable. Performances in the converted stores have been encouraging to date, with customers reportedly flocking from miles away to visit the new Waitrose in their area.
Two more Waitrose stores will be opened in the second half, while the Safeway conversion process is scheduled to be finished by November.
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