John Lewis cuts first-half losses after turnaround

THE boss of John Lewis today said he was confident of “positive” Christmas trading and “significantly higher profits” for the year as Britain’s leading partnership recovers from the worst crisis in its history.

- Jonathan Prynn

The department store and Waitrose supermarket group stayed stuck in the red in the six months to 27 July, but pre-tax losses were halved from £59 million to £30 million on revenues of £5.2 billion, up 2%.

They are the last set of financial results under the tumultuous leadership of Dame Sharon White, who chaired the business during the pandemic and the cost of living crisis that plunged the business into deep losses.

She steps down next week after five years in the post to be replaced by former Tesco UK boss Jason Tarry.

The improved outlook will raise hopes that John Lewis staff will receive a bonus for the first time in three years when the full-year results are revealed in March but chief executive officer Nish Kankiwala said no decision has yet been taken.