John Lewis has said that it is planning to open four Waitrose stores in Scotland as the company recorded strong sales.

The company's sister department store chain recorded high revenues allowing it to surpass £10 billion mark in revenues. The company said that its profits were affected due to pension costs and staff bonuses. The company now has a £1 billion shortfall in its pension fund.

The company said that its profit excluding tax and staff bonus fell 4.1 per cent at £329.1 million during the year till 25 January, 2014 as the company was affected by a holiday pay blunder and agreed to up its pension scheme contributions. Its underlying pre-tax profits increased 9.6 per cent to the level of £376.4 million. Pensions costs forced the company to cut the annual bonus to 15 per cent from 17 per cent this year.

Chairman Sir Charlie Mayfield said, "This was a good year for the partnership." He added: "It has been hard won and against a backdrop that has been anything but easy. The economy is certainly recovering. But during the course of 2013 what we did not see was any great resurgence in consumer spending."