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John Lewis Partnership cuts losses and eyes ‘significantly higher’ full-year profit

John Lewis Partnership cuts losses and eyes ‘significantly higher’ full-year profit

John Lewis Partnership reported a stronger set of half-year results and said it was on track to deliver “significantly higher” full-year profit as its turnaround plan bears fruit.

Pre-tax loss was cut from £59m to £30m, and removing exceptionals, losses were slashed from £57m to £5m.

The retail giant, which also owns Waitrose, saw sales top £5.9bn for the 26 weeks ending on 27 July, up 2% year on year.

Waitrose sales rose 5% and adjusted operating profit increased by £75m.

John Lewis, which traditionally sees a significant boost in profitability during the second half of the year where Christmas falls, saw sales dip 3% to £2bn as adjusted operating profit declined by £24m.

However, the partnership said its transformation is “on track”.

John Lewis Partnership CEO Nish Kankiwala, said: “These results confirm that our transformation plan is working and we expect profits to grow significantly for the full year, a marked improvement from where we were two years ago.

“We continue to invest heavily in quality, service and value, and customers are responding well – with more people shopping with us and customer satisfaction increasing. While we have much more to do, we’re well set up for a positive peak trading period and on target to significantly improve our performance for the full year.”

The business gained 500,000 new customers in the last six months and invested £500m, particularly in technology.

Last week, John Lewis revealed it would be bringing back its ‘Never Knowingly Undersold’ price promise two years after it was scrapped, as it reaffirms its commitment to quality products, brilliant service and competitive prices.

The “reimagined pledge” will use AI technology to check prices at online and high street brands.

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