UK News

John Lewis suffers first half loss of £99m as inflation hits trade | John Lewis

The John Lewis Partnership slumped to a primary half lack of £99m largely pushed by hovering inflation which prompted prospects to spend much less in its shops and hit prices, because the division retailer group warned of a “extremely unsure” outlook within the run-up to the important thing Christmas gross sales interval as a result of the price of dwelling disaster.

The group, which is staff-owned and consists of the Waitrose grocery store chain, made a revenue of £69m in the identical interval of the six months to 30 July final yr.

“Nobody might have predicted the dimensions of the price of dwelling disaster that has materialized, with power costs and inflation rising forward of anybody’s expectations,” mentioned Sharon White, chair at John Lewis Partnership. “As a enterprise, we’ve got confronted unprecedented value inflation throughout grocery and common merchandise.”

JLP warned the outlook for the remainder of the yr was “extremely unsure owing to the price of dwelling disaster and its affect on discretionary spending in addition to the criticality of our Christmas buying and selling interval”.

The group additionally introduced further assist for its employees, generally known as companions, together with a one-off value of dwelling assist fee of £500 for full-time staff.

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