John Lewis Sees Profits Leap 60%
Amid spreading gloom on the high street, the retail stalwart sees a rise in profit for both department stores and supermarkets.
The John Lewis Partnership has reported a 60% leap in pre-tax profit of £144.5m for the first half of the year.
The employee-owned group saw an increase of 9.2% in like-for-like sales at John Lewis retail, while Waitrose saw a boost in sales by 2.2%.
The Queen's Jubilee and the Olympic Games helped boost its results, the group said, but added that it did not expect the rate of growth to continue in the second half of the year because of ongoing investment.
"The partnership has delivered strong growth in the first half," Charlie Mayfield, chairman of John Lewis Partnership, said.
"Both Waitrose and John Lewis increased their market shares."
Many retailers on British high streets are struggling as inflation, poor wage growth, employment worries and concerns over the Government's austerity measures hit consumer spending.
But Jonh Lewis has managed to buck the economic downturn as its more affluent customers have been less impacted by these factors.
It has also improved its products and opened new, modern stores that have impressed customers, the group said.
The wet summer weather also helped its department store division, as the rain drove customers from the high street and into shopping centres.
The cold conditions were also favourable for its key household goods business and the online division, it added.
There are 37 John Lewis shops across the UK and more than 270 branches of Waitrose.
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