Sep 14, 2017
UK retailers sound caution even as outlook brightens
Profits at the John Lewis Partnership more than halved in the first six months of the year, marking the worst performance among three major UK retailers to give updates - tinged with varying degrees of pessimism - on the outlook for British consumer businesses. Clothing chain Next on Thursday expressed caution even as its share price rose around 13 per cent - taking it almost back to where it was a year ago - after the group upgraded its profit and sales guidance for the full year. Next, which had vowed to protect its profit margins even as import costs increased, said prices had risen by far less than sterling had fallen. £21.1m. Cost of John Lewis restructuring programme added to the group's 10% decline in operating profits. John Lewis department stores recorded a 10 per cent decline in operating profit, dragged down by a £21.1m restructuring programme.
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