John Lewis sees jump in tech sales

Department store posts strong yearly financials, with Electricals and Home Technology sales growing by 8.4%
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Technology sales shot up 8.4 per cent at John Lewis for the year ending January 29th 2011.

For the group overall, gross sales were £3.23 billion, up 11.9 per cent or £342.5 million.

Like-for-like sales were up 10.0 per cent during the year, while operating profit increased by £36.5 million, or 22.2 per cent to £201.2 million – returning to pre-recession levels.

Looking forward the firm says it expects conditions to be more difficult in 2011, as the VAT increase, rising unemployment, and public sector spending cuts begin to have an impact on consumer spending.

Charlie Mayfield, chairman of John Lewis Partnership, said: "Looking to the future, while we expect more difficult conditions for much of the year, we are confident of our plans. We have not yet seen inflation coming through at the levels reported and we remain committed to improving value for our customers in the year ahead. We will invest £0.6bn this year and expect to create 4,300 new jobs."

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