Waitrose managing director Mark Price has rejected suggestions that the UK is heading for recession.
Writing on his daily blog, Price said: “I don’t believe we’re in any kind of recession, rather a slowdown, in which customers are being far more careful about the value choices they make.”
And he dismissed press reports last week that Waitrose sales had suffered a slump, saying the figures were not comparing like with like because of this year’s early Easter.
“Our sales week before last were up in comparison to the pre-Easter week last year, when people traditionally spend heavily on food and drink. I expect the press will be less eager to report the fact that we were up 17% year on year last week as it will disprove their view on the economy, as indeed will Tesco’s results.
“I’m delighted to say that Waitrose results have been ahead of Tesco, demonstrating that customers see real value in what we offer.”
