Waitrose 'invested a lot in value' says Chairman

Department store group John Lewis saw profits rise by 20%, or £61.3m, to £367.9m last year but has warned that 2011 could be more difficult.

Staff at the employee-owned partnership will each receive a bonus worth an average of more than nine weeks' pay.

Chairman Charlie Mayfield described the figures for the year ending 29 January as a "strong performance".

But he said 2011 would see the impact of higher VAT, rising unemployment, and higher food and raw material costs.