Rain

Rain

max temp: 26°C

min temp: 17°C

ESTD 1874 Search

Retail: John Lewis posts strongest annual growth in sales since start of recession

17:39 31 January 2014

The  John Lewis at home and Waitrose stores in Ipswich.

The John Lewis at home and Waitrose stores in Ipswich.

Department store chain John Lewis said today it had notched up its best annual like-for-like sales growth since the start of the recession.

shares

Total revenues for the year to January 25 increased by 7.4% - including a rise of 8% in the second half of the year.

Managing director Andy Street said: “By any measure that’s a pleasing outcome as it represents a decisive gain in market share.”

He said the store had seen success in “bricks and clicks” with the “powerhouse” of online taking the lead, while 16 shops registered record years.

The company did not provide a like-for-like annual figure in its trading update, but Mr Street said: “For the year as a whole the shop story is one of delivering the best ‘like for like’ movement since the onset of the recession.”

He said the momentum would be taken into the new trading year, adding: “We have lots of plans to stand out from the crowd in 2014.”

Sales in the final week of the trading year were up 12.7% to £66.7million compared with the same period last year, helped by a comparison with a snow-hit spell in 2013.

Sister company Waitrose said it had seen total sales for the half year excluding petrol up by 6.8%, driven by the popularity of its myWaitrose loyalty scheme together with the growth in online.

Industry figures two weeks ago showed the supermarket had again extended its market share, to 4.8%.

IHS Global Insight economist Howard Archer said: “The recent robust John Lewis performance supports hopes that consumer spending will be decent during the early months of 2014, and help the economy to continue to grow strongly.”

shares

2 comments

The views expressed in the above comments do not necessarily reflect the views of this site

The installation of solar panels on the roof of Precision Marketing Group's premises in Lamdin Road, Bury St Edmunds

A Suffolk-based firm will be among the organisations taking part in a nation-wide celebration of solar energy tomorrow.

Candy Gaga'’s Wanda Hewell, right, and daughter, Cherish.

Tower Ramparts in Ipswich now has its very own castle – thanks to the success of a local sweet shop business.

Stansted Airport

A report into the future of Britain’s airports does not rule out a second runway at Stansted – and raises fears of extra night flights to the Essex airport.

The Treasury has sold another 1% stake in Lloyds Banking Group.

The taxpayers’ stake in Lloyds Banking Group has fallen to below 16% after the Government sold off another tranche of shares.

Greene King chief executive Rooney Anand.

Pubs and brewing group Greene King today posted another year of record revenues, with sales within its key Retail division topping £1billion for the first time.

Suffolk Coastal considers convenience store bid

Planning chiefs have responded to concerns about noise and antisocial behaviour arising from proposals for a new convenience store in Kesgrave by insisting on closing times being brought forward an hour and the installation of a barrier to restrict overnight parking.

Growth in manufacturing eased last month  to its slowest level in two years.

Britain’s manufacturing sector grew at its slowest pace in more than two years last month, impacted by subdued demand from Europe.

Speedy Hire
 has warned that its results for this year will come in

Tool rental business Speedy Hire saw nearly a third of its stock market value wiped off after it announced the shock departure of its chief executive and warned over a major blow to full year profits.

Tim Dunford, managing director and master brewer at the Green Jack Brewery, third from left, with Beer for Summer judges Mark Dorber, left, and Charlie McVeigh of The Draft House, right, and Peter Gordon, on trade director of Budweiser Budvar.

A Suffolk brewing company is celebrating after winning a new national “Beer for Summer” competition.

The Bishop Of Ely, the Rt Rev Stephen Conway, centre, at the hospice site dedication in Cambridge with Mark Hart, construction director at Barnes Construction, right,  and Stuart Evans, chair of the trustees of the Arthur Rank Hospice Charity.
Photo: Paul Nixon Photography

An act of dedication has taken place to mark the start of contruction work on a new £10.5million hospice in Cambridge, which is being built by Ipswich-based Barnes Construction.

Most read

Most commented

Topic pages