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John Lewis warns prices 'likely' to rise on Yes vote | John Lewis warns prices 'likely' to rise on Yes vote |
(about 7 hours later) | |
Prices in Scottish branches of John Lewis and Waitrose may be higher than in the rest of the UK if the country votes Yes to independence. | Prices in Scottish branches of John Lewis and Waitrose may be higher than in the rest of the UK if the country votes Yes to independence. |
The chairman of the John Lewis said it was "most probable" that prices will rise, with costs passed on to customers. | |
Sir Charlie Mayfield said there were "economic consequences to a Yes vote". | |
On Thursday, the partnership, which includes Waitrose, posted a 12% jump in pre-tax profits. | |
Mr Mayfield said: "It does cost more money to trade in parts of Scotland, and therefore those higher costs in the event of a Yes vote are more likely to passed on ... | Mr Mayfield said: "It does cost more money to trade in parts of Scotland, and therefore those higher costs in the event of a Yes vote are more likely to passed on ... |
"When we are talking about two separate countries it is most probable that retailers will start pricing differently." | "When we are talking about two separate countries it is most probable that retailers will start pricing differently." |
In response to the comments, the Scottish finance secretary John Swinney said: "Charlie Mayfield is entitled to his opinion. | In response to the comments, the Scottish finance secretary John Swinney said: "Charlie Mayfield is entitled to his opinion. |
"I think the argument is one that is firmly contested by other retailers who do not take the view that has been expressed this morning by Charlie Mayfield." | "I think the argument is one that is firmly contested by other retailers who do not take the view that has been expressed this morning by Charlie Mayfield." |
'Challenging' | 'Challenging' |
While overall profits at the partnership were up 12% at £129.8m, operating profits at Waitrose fell 9.4% due to new store openings. | While overall profits at the partnership were up 12% at £129.8m, operating profits at Waitrose fell 9.4% due to new store openings. |
Waitrose opened 15 more branches in the UK, 11 more than in the same period last year. | Waitrose opened 15 more branches in the UK, 11 more than in the same period last year. |
Sales at Waitrose rose 1.3% and 8.2% at John Lewis. | Sales at Waitrose rose 1.3% and 8.2% at John Lewis. |
John Lewis' click and collect service increased in popularity, up 25.6%, and now accounting for 30% of all merchandise sold. | John Lewis' click and collect service increased in popularity, up 25.6%, and now accounting for 30% of all merchandise sold. |
The partnership said outlook for food was "challenging" but other parts of the business were "more positive than has been the case for several years". | The partnership said outlook for food was "challenging" but other parts of the business were "more positive than has been the case for several years". |
Asda too | Asda too |
Asda has also warned that a Yes vote could have an impact on their prices. | Asda has also warned that a Yes vote could have an impact on their prices. |
Andy Clarke, president and chief executive of Asda said: "If we were no longer to operate in one state with one market and - broadly - one set of rules, our business model would inevitably become more complex. We would have to reflect our cost to operate here. | Andy Clarke, president and chief executive of Asda said: "If we were no longer to operate in one state with one market and - broadly - one set of rules, our business model would inevitably become more complex. We would have to reflect our cost to operate here. |
"This is not an argument for or against independence, it is simply an honest recognition of the costs that change could bring." | "This is not an argument for or against independence, it is simply an honest recognition of the costs that change could bring." |