John Lewis owner, down 75%
It isn't a good day for the owner of John Lewis and Waitrose - they've reported a drop in half-year profits to the tune of 75%, to £56.9 million.
That's still a lot of money in the bank, but it isn't a good trend. Of course, when this happens to companies, they've usually update their stock, and throw a sale or two in everyone's faces.
Hopefully, this means better products, and some bargains to boot.
Sir Charlie Mayfield, chairman of the John Lewis Partnership, said that this drop reflects "market conditions" and "steps we are taking to adapt the Partnership for the future".
This fall includes a £25 million charge, when the company wrote-off sites that they are no longer interested in.
"Our commitment to competitive pricing, excellent service, increasing pay and investing for the long term have held back profits," said Mayfield, adding that this wasn't a knock-on from the Brexit vote, which have "had little quantifiable impact on sales so far".
"Instead there are far reaching changes taking place in society, in retail and in the workplace that have much greater implications."
TOPICS: High Street News