Rising costs push John Lewis Partnership into deeper loss; London tube strike enters fourth day – business live

The Guardian
The Guardian
3M ago
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John Lewis Partnership has reported a pre-tax loss of £88 million for the first half of the financial year, nearly tripling from £30 million last year. The losses are attributed to higher National Insurance contributions and costs from a new packaging levy. Despite these challenges, sales rose by 4% to £6.2 billion, indicating potential success in their turnaround strategy. The company remains optimistic about achieving profit growth for the full year, driven by increased customer satisfaction and strategic investments.
Rising costs push John Lewis Partnership into deeper loss; London tube strike enters fourth day – business live
A What happened
John Lewis Partnership has reported a pre-tax loss of £88 million for the first half of the financial year, nearly tripling from £30 million last year. The losses are attributed to higher National Insurance contributions and costs from a new packaging levy. Despite these challenges, sales rose by 4% to £6.2 billion, indicating potential success in their turnaround strategy. The company remains optimistic about achieving profit growth for the full year, driven by increased customer satisfaction and strategic investments.
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Key insights

  • 1

    Widening Losses: John Lewis's pre-tax losses increased significantly due to rising operational costs.

  • 2

    Sales Growth: Sales across the partnership rose by 4%, indicating a positive trend despite losses.

  • 3

    Turnaround Strategy: The company is focused on investments to enhance customer experience and satisfaction.

Takeaways

John Lewis is navigating a challenging economic landscape while aiming for long-term profitability.

Topics

Business & Markets Markets Economy Retail & E-commerce