John Lewis Partnership reports increase sales, but drop in profits

John Lewis Partnership reports increase sales, but drop in profits

John Lewis Partnership has reported that its gross sales for 2017 were up 2% at £11,597.7m, but profits were down 21.9% at £289.2m.

In a statement issued today (8 March), Sir Charlie Mayfield, Chairman of John Lewis Partnership, said that 2017 had been a “challenging year” with subdued consumer demand and profits were down “mainly as a result of intensifying margin pressure in Waitrose”.

On the plus side, Waitrose’s online business continued to grow, particularly for food products. Sir Charlie commented: “Following investment in our website, making it easier to navigate, our online grocery operation achieved strong profitable sales growth of 10.9%, with a marked acceleration in the second half.”

Looking ahead, Sir Charlie said the group would continue to build on its Click & Collect capability, with the installation of more self-service kiosks.

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