Following today’s release of Waitrose & Partners figures for the 26 weeks ending 1 August 2025; Eleanor Simpson- Gould, senior retail analyst at GlobalData, a leading data and analytics company, offers her view: “Waitrose & Partners has delivered a creditable top-line performance in H1 FY2026/27. Total trading sales for the 26 weeks to 1 August 2026 were £4.3bn, up 3.6%, putting the grocer slightly ahead of the wider UK grocery market’s 3.2% growth over the period and reinforcing its role as the Partnership’s main growth driver. However, adjusted operating profit fell £7m year-on-year to £103m and operating margin slipped 0.2ppts to 2.6%. This ease in margin was largely self-inflicted, reflecting a further £20m of price cuts in March, higher loyalty investment through Little Treats, and the inflated cost of store operations through the heatwaves. Into H2, priority must be on rebuilding margin progression. Waitrose & Partners must be more selective with price cuts and promotions, concentrating price investment on the most visible seasonal staples, including core Christmas dinner accompaniments, while protecting price architecture and mix in premium tiers such as its No.1 range where it has clear permission to charge.
“Performance in the half was driven by own brand, digital growth and targeted estate investment. The Home of Food Lovers strategy is resonating strongly, reflected in the grocer’s No.1 range sales growing 15% and online sales up 11%, supported by over 540 new own-brand launches. Much of that newness was geared towards occasions, including a summer range with more than 120 new products, an expanded No.1 barbecue offer, and the chef-led seasonal ranges that continued in June with Angela Hartnett’s Italian collection. Store execution is also moving in the right direction, with 15 refurbished stores and a roll out of electronic shelf-edge labels to 225 stores, giving Partners more time on the shop floor. These moves have strengthened the grocer’s proposition and execution. Into the golden quarter, Waitrose & Partners must keep the cadence of product launches and range refreshes high, as The Home of Food Lovers strategy’s success relies on being current for entertaining and gifting missions at Christmas. The grocer’s performance will hinge on excellent availability and sharper loyalty targeting through its growing myWaitrose scheme to drive repeat purchases and trade-ups, without giving away unnecessary margin.”
