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John Lewis profits fall by half

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    John Lewis employeeImage copyright Newscast

    John Lewis Partnership profits have fallen by more than 50% after the retail group was hit by costs to reorganise the business.

    Profit before tax fell 53.3% to £26.6m for the half-year ending 29 July after a £56.4m charge mainly for restructuring and redundancy costs.

    At the John Lewis department store, operating profits rose by 10%.

    But at Waitrose operating profits fell 18% as its margin was eaten into by higher costs.

    “Look, nobody should be surprised that this is a tough market for retailers. There’s any number of reasons for that,” John Lewis Partnership chairman Sir Charlie Mayfield told the BBC.

    View the original article: http://www.bbc.co.uk/news/business-41264277

    “The reason our profits are down is predominantly because of margin, and cost prices are rising. It’s a very competitive market, retail prices are not rising as fast.”

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