John Lewis profits crash 43%
The John Lewis Partnership fell foul of intense high-street competition, revealing a half-year profits slump of 43%.
LONDON (Brand Republic) – The John Lewis Partnership fell foul of intense high-street competition, revealing a half-year profits slump of 43%.
Sir Stuart Hampson, John Lewis chairman, said buying some of supermarket group Somerfield’s stores and converting them to the partnership’s Waitrose chain had dented profits by £7m. He added other one-off costs had contributed to its poor performance.
Despite a 10% increase in sales in the six months to July, pre-tax profits fell to £38.5m. (The Times)
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