Investment drops a third in the first half of the year
The retail group John Lewis Partnership decreased its capital spending by over a third in the first half of the year after opening fewer stores over the period.
The firm 鈥� which owns the John Lewis and Waitrose brands 鈥� spent 拢162.4m on capital expenditure during the first six months of 2012, down 拢91.4m on the same period in 2011.
The reduction came despite a strong set of financial results for the retailer over the period, with profit up 64% to 拢109.9m and revenues up 8.6% to 拢3.93bn.
The company said in a statement the capital spend reduction 鈥渓argely reflects lower capital expenditure in Waitrose, as in 2011 there were more branch openings [鈥� which were] weighted towards the first half.鈥�
The retailer opened ten Waitrose branches and two John Lewis branches in the first half of this year.
It has already opened two new Waitrose stores in the second half and plans to open a further seven during the period.
John Lewis Partnership鈥檚 head of construction, engineering and environment, Tony Jacob, that the firm is planning to cut 30% from spending on consultants鈥� fees by 2014.
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