Generally acknowledged to be doing well, there are three things in the latest Waitrose results to consider.
First, like-for-like sales were up by 2.2 per cent, which shows the impact of its price matching branded goods sold by Tesco.
Second, own brand ranges now account for more than 50 per cent of its sales mix, which suggests that its margin mix is being protected by these products.
Third, the second half of the year is likely to see slower growth.
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