UK: John Lewis FY profit fall “better than expected”
- FY pre-tax profit down 3.8% to GBP353.8m
- Net sales up 5.4% to GBP7.86bn
- John Lewis like-for-likes down 0.6%
Retail business the John Lewis Partnership posted a smaller full-year profit for the year to 28 January, but still outstripped its own expectations.
The department store and supermarket operator said net sales for its John Lewis business edged up 1% in the year, but like-for-like sales were down 0.6% as internet sales surged up 24.2% to GBP680.8m.
Meanwhile, operating profit for the John Lewis business also fell, down 20.4% to GBP157.9m, but fashion sales improved on the previous year.
“Profits are lower than last year, but better than expected,” said Charlie Mayfield, John Lewis Partnership chairman.
“Profound changes are taking place in the retail sector and importantly this was a year when we upped the pace of innovation and investment.
“That came at the price of some short-term profit, but leaves us in a good place at the start of this year.”
John Lewis said that, after five weeks’ trading in the new financial year, total sales excluding VAT were up 7.7% on last year, with John Lewis sales rising 5.2% (2.4% like-for-like).
The company said: “Current trading conditions are still difficult and consumer confidence remains subdued.
“Despite that, we are continuing to grow faster than the market.”
Department store retailer John Lewis today (3 August) described a 12.9% rise in first-half sales as "hugely encouraging". ...
Designer department store chain Lane Crawford has announced two newly-created senior management appointments to drive the company's omni-channel growth strategy....
- How apparel retailers should react to Brexit
- US fashion firms share their sourcing strategies
- Britain votes for Brexit – what happens next?
- Retailers warned of high volatility in Brexit wake
- Brexit uncertainty over pending EU trade deals
- Online fabric platform to "revolutionise" buying
- Alliance cuts ties with three more factories
- Uniqlo said to be scaling back US expansion
- Better Work Vietnam launches labour law mobile app
- UK must act with urgency to cut Brexit uncertainty
- Southeast Asia strategic sourcing review – a focus on Cambodia, Vietnam and Myanmar
- Primark Stores Limited: Retailing - Company Profile & SWOT Analysis
- Clothing & Footwear Retailing in Indonesia– Market Summary & Forecasts
- Clothing & Footwear Retailing in Denmark
- Clothing & Footwear Retailing in China – Market Summary & Forecasts