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John Lewis PartnershipPrivate± Mixed
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John Lewis posts £124m first-half loss as turnaround stalls
EarningsManagement
John Lewis Partnership reported a £124m pre-tax loss for the first six months of the year, the biggest interim loss in its history apart from the first year of the pandemic in 2020. The group, which owns John Lewis and Waitrose, saw revenues at the John Lewis department store fall 2pc, while Waitrose under Tom Denyard made a profit of £103m. Chairman Jason Tarry blamed fragile consumer confidence and a costs firestorm including higher National Insurance contributions and a substantial business rates bill, and said shoppers were holding back on big-ticket discretionary purchases. Tarry said he was confident the partnership would end the financial year in profit, pointing to around £600m of investment this year, including £50m to spruce up stores in Glasgow, Cambridge, Leicester, Reading and Liverpool. The revamp suffered a setback last week when managing director Peter Ruis left abruptly after less than three years and was replaced by Will Kernan.
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