The employee-owned John Lewis Partnership (JLP), which operates the Waitrose and John Lewis stores, predicted a loss for the first half of the year due to lower sales. This news coincides with the profit prediction.
The company declared that it was on track to produce “significantly higher profits” than the previous year, even though it had a £30 million deficit for the six months that ended on July 27.
The partnership projected better earnings than the previous year, based on the fact that the loss was almost half that of the previous year. This is reason for hope.
According to JLP, this is because the second half of the year generates the majority of annual revenues.
It was the third year in the partnership’s history that employees had not received a bonus.
revenue at John Lewis dropped 3% due to a “challenging market,” whereas Waitrose saw an increase in patronage, resulting in a 5% increase in revenue for the grocer.
JLP declared “record availability” and a tenth straight quarter of client growth, with more products available than ever before.
