John Lewis losses narrow in H1

The John Lewis Partnership has revealed that its losses before tax fell 41% to £59m for the 26 weeks ended 29 July 2023.

Alongside this the company’s losses before tax and exceptional items fell 14% to £57.3m down from £66.8m in the same period last year.

Sales at the company topped £5.8bn for the half year, an increase of 2% compared with last year.

Waitrose trading operating profit improved from £431.7m to £504.4m while John Lewis trading operating profit fell back from £295.0m to £277.1m

The company’s cash generated from operations was £97.4m which was £76.7m better than the same period last year.

As a result the company stated that the economic outlook was uncertain, but it expects improvement in full year financial results.

Furthermore, owing to inflationary pressures the company stated that the Partnership Plan will take two additional years to deliver.

Sharon White, chairman, said: “The Partnership is a unique model that has been tested and come through stronger many times in our 100 year history. While change is never easy – and there is a long road ahead – there are reasons for optimism. Performance is improving. More customers are shopping with us. Trust in the brands and support for the Partnership model remain high.”

Nish Kankiwala, chief executive, added: “Our transformation to modernise our business is well under way, and I want to thank our Partners for their efforts to give customers great service, quality and value when they shop with us in store or online. There are no brands better placed than Waitrose and John Lewis to provide customers with what they need right now – to help them feel good and eat well.”