Waitrose has reported a 3.4% increase in like-for-like sales after a strong year in which it poached one million new shoppers from its rivals.

Managing director Mark Price attributed a 6.7% increase in total sales to £5.76bn in the year to January 26 to matching Tesco on price and strong online growth.

Price explains the performance to Retail Week senior reporter Alex Lawson.

Mark Price speaks to Alex Lawson about the John Lewis Partnership bonus