John Lewis profits fall by half


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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