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| Grocery price war pushes Waitrose profits down 24% | Grocery price war pushes Waitrose profits down 24% |
| (about 1 hour later) | |
| Waitrose has posted a 24.4% drop in operating profit for 2014 as competition for market share in the UK grocery market continues to hit supermarkets' bottom lines. | Waitrose has posted a 24.4% drop in operating profit for 2014 as competition for market share in the UK grocery market continues to hit supermarkets' bottom lines. |
| The UK's sixth largest supermarket reported posted a 4.7% revenue increase on the previous year but lower prices eroded the retailer's margins. | The UK's sixth largest supermarket reported posted a 4.7% revenue increase on the previous year but lower prices eroded the retailer's margins. |
| John Lewis, which is owned by the same partnership, fared better. | John Lewis, which is owned by the same partnership, fared better. |
| It posted a 10.4% rise in operating profit to £442.3m in 2014. | It posted a 10.4% rise in operating profit to £442.3m in 2014. |
| "We expect the returns for the grocery sector to be materially lower for a period of time," said Charlie Mayfield, chairman of John Lewis Partnership. | |
| Waitrose's share of the grocery market rose to from 5% a year earlier, according to Kantar data. | |
| Waitrose attracted 400,000 more customers a week in 2014, the 150-year old group said in a statement. | |
| "For John Lewis, the outlook is robust," said Mr Mayfield. | |
| The department stores reported a rise in fashion, home and electrical sales. John Lewis's busiest day was so-called Black Friday, traditionally a day in November when US stores engage in heavy promotion but which has now become a part of the UK retail landscape. | |
| John Lewis's Click & Collect online goods reservations service overtook home deliveries for the first time in 2014. | |
| John Lewis opened small convenience-focused shops at London St Pancras station and Terminal 2 at Heathrow airport. | |
| John Lewis Partnership's 90,000 staff will receive a bonus worth 11% of salary this year, down from 15% last year. |