John Lewis group sales for the half year to 29 July 2023 came in at £5.8bn, 2 per cent up year on year. Waitrose had contributed a 4 per cent increase in its contribution at £3.7bn, with John Lewis logging a drop of 2 per cent with £2.1bn revenue.
Group losses before tax and exceptional items amounted to £54.5m which had fallen from £66.8m for the same period last year. The group said that it had been impacted by inflation which had increased costs. It also noted that the combined effects of inflationary pressures and the higher than expected investment needed to fund its transformation meant that it will take the business a further two years to complete it.
Nish Kankiwala, JLP chief executive said; “Our transformation to modernise our business is well underway, and I want to thank our Partners for their efforts to give customers great service, quality and value when they shop with us in-store or online. There are no brands better placed than Waitrose and John Lewis to provide customers with what they need right ow – to help them feel good and eat well.”