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62


John Lewis Partnership plc Annual Report and Accounts 2015 Waitrose performance (continued)


FINANCIAL review


Gross sales for the year grew by 6.5% to £6.51bn (4.6% on a 52 week basis), with like-for-like sales up 1.4%. On average, we had 400,000 more customer transactions a week compared to last year, and our market share grew to 5.4% (Kantar).


Operating profit was down by 23.4% to £237.4m (down 24.4% on a 52 week basis). This was held back by a significantly higher level of investment in the year in new branches and IT resilience, and the impact of one-off items. The year-on-year impact on our profits from these factors was approximately £30m and £27m respectively. The remaining profit decline of £26m, after excluding property profits, is primarily the impact of trading in a highly competitive and deflationary market. One-off items include property impairments and onerous lease costs (£16m), and costs associated with the planned closure of our Acton dotcom fulfilment centre (£4m).


In 2014/15, we opened 13 new core branches (including eight acquired from the Co- operative) and another 20 convenience shops. The launch costs associated with this opening programme and the expected lower returns from new space in the early months both impacted profit this year.


Performance against divisional KPIs Gross sales growth %


Operating margin % 53 weeks: 3.9% Selling space m sq ft


4.6% 3.9% 5.9


We have Click & Collect lockers in six places – including London Underground.


5.3 5.5 5.9 2013 2014 2015 5.4 5.4 3.9 6.7 6.0 4.6


Like-for-like sales growth % 3.4


53 weeks: 6.5% 2013 2014 2015


Gross sales per average FTE £000 198.2


53 weeks: 191.9


Gross sales per selling sq ft £ 1,111


53 weeks: 1,145 2013 Cash from operations £559.8m 2014: £477.4m 2014 2015 Capital expenditure £388.5m 2014: £287.7m


1.4% 188.5 1,124


197.2


5.1


1.4


2013


2014


2015 188.5


2013


2014 1,126


2015 1,124


2013


2014


2015


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