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Waitrose defends rates relief as it posts record profits


By Alec Mattinson2021-05-07T06:52:00+01:00
Waitrose posted record levels of profits last year, according to newly filed accounts, as sales boomed during a period in which it benefited from controversial government business rates relief.
Annual accounts for Waitrose Ltd at Companies House show pre-exceptional operating profits surged by 71% to £277.5m in the year ending 30 January 2021. This is the highest figure on record, top ping s the £261m in achieved in 2013 before the discounter price war.
Profits on ordinary activities before taxation were also at record levels, despite more than £65m of exceptional costs incurred during the year, more than trebling from £44.9m to £158.5m. ....

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John Lewis as you knew it is already dead


John Lewis as you knew it is already dead
Reeling from a massive pandemic-induced loss, boss Sharon White is throwing everything at the company’s survival
11 March 2021 • 12:59pm
This article is from The Telegraph’s City Intelligence newsletter. Sign up here for incisive analysis of the day s biggest corporate story from our chief City commentator Ben Marlow.
John Lewis as you know it is already dead. The pandemic has seen to that. Middle England s favourite retailer was in trouble before Covid swept through the high street but the downturn has left it facing an existential crisis. 
Shops are being closed, acres of store space axed, 1,500 partners who thought they had a job for life shown the door, and no staff bonus for the first time since 1953. Even the sacred Never Knowingly Undersold  price pledge is under threat. Boss Sharon White has warned that it could take five years to recover. ....

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