Following today’s release of Waitrose’s figures for the 53 weeks ending 31 January 2026; Eleanor Simpson-Gould, senior retail analyst at GlobalData, a leading intelligence and productivity platform, offers her view: “Waitrose & Partners has delivered a robust performance making clear gains rather than just riding inflation. Total revenue rose 6.3% to £8.5bn and while its top line was boosted by a 53-week year, it still indicates that performance is ahead of the UK food & grocery market’s 3.4% growth in 2025. Building on a strong first half growth of 5.5%, the acceleration implies Waitrose & Partners has continued to outperform across both halves of the year, underpinned by strong customer acquisition and loyalty gains, pointing to genuine demand strength. This performance has bolstered the wider John Lewis & Partners group performance (+5%), underlining the resilience of the group’s food business.
“Despite cautiousness in its FY2026/27 trading outlook, the results have been strong enough for the Partnership to reinstate a 2% bonus after four years, cementing its improved confidence and financial capability. Amid rising National Insurance contributions and packaging costs in 2025, operating profit is up 12.8% to £256.0m with margin improving 16 basis points to 3.2%. Waitrose & Partners must protect margin progress with a focus on expanding its premium No.1 range and offering enhanced loyalty rewards to lift average spend.
“The Home of Food Lovers strategy is clearly resonating into stronger customer advocacy, which is being deepened by tangible improvements in how and where Waitrose & Partners serves its customers. By refurbishing 23 stores and opening three new convenience shops in the year, the Partnership is improving the shopping experience and supporting more frequent local missions. Loyalty mechanisms are also being sharpened through the launch of Waitrose Little Treats and growth in My Waitrose membership, aiding customer retention without diluting brand prestige. Meanwhile, online has been a standout contributor, with order volumes up 11% and sales up over 13%, signalling that the grocer is gaining ground in digitally-led spend. Range quality remains a key differentiator, with Waitrose No.1 up nearly 30%, and ongoing leadership in higher welfare standards, particularly in poultry sourcing, reinforces its appeal among consumers willing to pay for ethical sourcing. Together, improvements in estate, loyalty, digital growth and premium range expansion have formed a durable and cohesive strategy that is accelerating Waitrose & Partner’s competitive edge.”
