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Our shop in Cardiff is building a firm foundation in this new location, and sales at our At Home trial format in Poole have exceeded expectations.
Our shop in the Olympic Village in Stratford is progressing well and will open in 2011. This location will be enhanced by our role as the Official Department Store Providers to the London 2012 Olympic Games and Paralympic Games.
John Lewis Direct grew strongly, with sales up 18.2% (£60.6m) to £393.5m. Our multi-channel strategy continued to be a major advantage, helped by an increase in the number of lines available and a range of new services including ‘Click and Collect’ and Express delivery. We significantly increased the assortment available in our Fashion category and have improved the design of the website supporting strong growth in online sales. Operating profit was up by 15.0% to £165.9m, excluding property profits, and operating profit margin (excluding property profits) on gross sales improved by 61 basis points.
Operating profit per square foot increased by £3 (6.9%) to £43 and operating profit per FTE improved by 13.9% to £7,800.
(Photo captioned: Our shop in the Olympic Village in Stratford is progressing well towards its opening in 2011)
(Graph of John Lewis Operating profit (£m)(1))
(Graph of John Lewis Operating profit per square foot (selling space) (£)(1))
(Graph of John Lewis Operating profit per FTE (£’000)(1))
(1) Operating profit is after charging relevant corporate costs based on the business segments’ usage of corporate facilities and services. The basis of allocation has been revised and operating profit for 2008 has been amended accordingly. Earlier years have not been amended. Operating profit for 2009 and earlier years has been restated in respect of the financing element of long service leave costs, as explained in note 1 of the accounts.