John Lewis Partnership reports half-year losses more than double amid tough market
The employee-owned John Lewis Partnership posted pre-tax losses of £89 million for the six months to August 1, up from £34 million a year earlier, and warned of a cautious outlook for the second half.
For the six months ending August 1, the employee-owned John Lewis Partnership recorded pre-tax losses of £89 million, more than double the £34 million loss recorded a year earlier, with total pre-tax losses reaching £124 million after accounting for other items. The company attributed the deterioration to rising costs, notably a restructuring of its head office that resulted in some redundancies. Sales at its department-store chain fell 2% as consumers restrained discretionary spending, whereas the Waitrose supermarket arm posted a 4% increase in sales.
Despite these mixed results, total group revenue rose 2% to £6.3 billion. Chairman Jason Tarry said the outcomes reflect continued investment in the firm’s transformation, a tougher trading climate, and higher business costs. He added that the traditionally stronger second half, especially the Christmas period, will be crucial and that the firm remains cautious about the outlook.
