JOHN LEWIS REPORTED A PRE-TAX ANNUAL PROFIT OF £56M

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JOHN LEWIS REPORTED A PRE-TAX ANNUAL PROFIT OF £56M – A million more customers shopped in its stores last year, spending £12.4bn

The retail partnership, which also owns Waitrose supermarkets, reported a pre-tax annual profit of £56m compared with a £234m loss the year before.

However, it said it would not pay a bonus as it was increasing overall pay and investing in the business.

In January, John Lewis said it was planning to cut the size of its workforce over the next five years.

The partnership said that a million more customers shopped in its stores last year, spending £12.4bn – up 1% on last year.

Sales at Waitrose rose by 5% to £7.7bn, with a record number of customers choosing to shop at the supermarket chain, it said.

However, spending in its John Lewis stores was down 4% to £4.8bn.

Sales of fashion and beauty products did well, but it saw weaker sales in home and technology.

The group said it had cut costs by £88m over the past financial year, with changes to staff hours and “simplified ways of working” across its shops and central teams.

Deep cuts to its workforce will produce more savings. At the start of the year it signalled further job losses – with a reported 10% cut to personnel, accounting for around 11,000 positions

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