John Lewis Owners Losses Triple To £88 Million
The John Lewis Partnership has reported a sharp rise in losses, nearly tripling to £88 million in the first half of the year, blaming new packaging regulations, increased National Insurance costs, and ongoing restructuring. The group said it spent £29 million dealing with the Extended Producer Responsibility (EPR) levy and higher employer NICs, while £54 million went into revamping outdated systems and technology.
Despite the hit, the employee-owned business — which includes John Lewis department stores and Waitrose — remains optimistic about the full year. "We are a second half business, no doubt about that. All of our profit is in the second half," said chair Jason Tarry, pointing to strong sales at Waitrose and expectations for a busy festive period. Popular items like wearable tech and Jellycat toys are predicted to drive Christmas spending.
With total sales up 4% to £6.2bn, the company says it's gaining ground in a tough market. Investments in staff, stores, and price-matching are credited for helping both brands outperform competitors. While it’s still too early to promise a bonus for staff, Tarry said John Lewis is “committed to paying a bonus as soon as we possibly can.”
