While the consensus was that John Lewis’ first half would be an improvement from last year, the retailer has hugely exceeded expectations. Is this the start of a new day for the embattled department store chain, or a papering over of the cracks?
On paper, John Lewis & Partners’ first-half turnaround seems nothing short of miraculous. In the six months to July 31, losses before tax narrowed from a whopping £645m to just £29m.
Leaving out things like the potential payment of a staff bonus, tax and exceptional items, the retailer has turned a £55m loss into a £69m profit.
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