John Lewis announces 99 per cent slump in half-year profits

John Lewis has reported a 99 per cent plunge in underlying pre-tax profits to £1.2 million for the six months to July 28.

The John Lewis Partnership, which includes the department store and Waitrose supermarket among its brands, said statutory half-year profits slumped 80.5 per cent to £6 million.

It warned that it continues to expect profits in the new financial year also to be ‘substantially lower’.

The group said that profits at the department store chain have continued to be hit by moves not to pass on price hikes to consumers from higher inflation, as well as the cost of new stores and IT changes. 

 

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