John Lewis Partnership reported a dramatic fall in earnings for the six months ended July, down 75% to £56.9m.
That included a £25m exceptional item relating to the writedown of property assets – Waitrose has cancelled plans for seven new supermarkets and instead will target investment toward existing stores. Excluding that charge, profits fell 14.7%.
The decline reflects market conditions and steps the partnership is taking to adapt for the future, JLP chairman Sir Charlie Mayfield said.
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