John Lewis Partnership says it has experienced a rebound, with profits for the year ending January 29 up by 38% on the previous year. Loss before tax was £26m, £491m better than the last year. Moreover, John Lewis reports the highest ever sales in its history, up 8% like-for-like on the previous year, while Waitrose sales were up 1% like-for-like. Against two years, John Lewis was up 10%.
Reducing costs has been key to the improved figures, with the reduction of management roles in shops and reductions in central teams, in addition to the closure of eight John Lewis stores and a distribution hub.
Thanking partners for their “commitment and dedication in what has been another tough year, chairman Sharon White looks forward to “a year of opportunity”, acknowledging:” Our focus on quality, value, sustainability and exceptional service is serving us well.”
The Partnership has committed to paying the voluntary Real Living Wage.
Top: JLP uses an image of its ANYDAY housewares products in Waitrose when announcing its year-end figures. The Partnership recently announced its commitment to invest “£500m to give John Lewis customers everyday quality and value.”
