John Lewis Partnership’s half-year results made for a sobering read, as the high street stalwart unveiled the first half-year loss in its history.
The retail group fell into the red in the half-year to July 27, recording a loss before tax, exceptional items and IFRS 16 of £25.9m, compared with a profit of £800,000 the previous year, as operating losses at John Lewis spiralled by £42.5m to £61.8m.
The retailer attributed its overall losses to planned investments in partner pay and IT, as well as subdued consumer confidence stymieing demand for big-ticket items.
John Lewis Partnership chair Sir Charlie Mayfield stresses that the retailer, which reduced its net debts by 16.4% to £2.4bn year on year, had anticipated this consumer spend slowdown.
Please sign in now if you have a subscription or are already registered with us.
Retail-Week.com provides premium, in-depth intelligence that helps retailers judge risks, spot opportunities and identify what they need to do to win in the digital economy.
Register today for a taste of our high-quality intelligence and enjoy:
Discover Retail Week register now
Please note, if you have recently purchased a subscription, it may take a few minutes before your account is updated.