Profits at the John Lewis Partnership have plunged 99% as it struggled in “the most promotional market in almost a decade”.
In a development that would have been unthinkable a few years ago, Sir Charlie Mayfield, chairman of the partnership, had to reassure the market that the group had not lost its way, as interim pre-tax and pre-exceptional profits slipped from £96.5m last year to £1.4m in the six months to July 28.
The group is made up of John Lewis department stores and Waitrose supermarkets. It is owned by its 83,000 staff and has been in existence since 1864. Since the start of last year Sir Charlie has been warning that it was grappling with rising costs, wage inflation, a weak pound, online shopping and volatile consumer spending in a competitive market.
Click here for the full Times article (£)
