Posted 9/14/2023, 7:31:22 AM
John Lewis Profits Not Expected Until 2027 as Costs Rise and Shoppers Cut Back
- John Lewis recovery plan to return to profit will take 2 years longer, now aiming for 2027-28
- Reported further losses of £59m for first half of 2023, though this was an improvement
- Rising costs and larger investment needs mean modernization taking precedence over staff bonus
- Waitrose sales up but volumes down as customers buy less but at higher prices
- John Lewis seeing more beauty and fashion sales but fewer technology and home items