The John Lewis Partnership has said it is on course to “significantly” grow profits this year after cutting losses in the first six months as it refocuses on its core retail business.
The employee-owned partnership behind the upmarket Waitrose grocery chain and John Lewis department stores said that total revenue rose 2 per cent to £5.2 billion in the period to July 27, helping losses before tax to fall from £59 million to £30 million year on year.
Stripping out exceptional items, losses fell from £57 million to £5 million.
Nish Kankiwala, chief executive of the John Lewis Partnership, said: “[The] results confirm that our transformation plan is working and we expect profits to grow significantly for the full year, a marked improvement from where