Jun 27, 2018

John Lewis warns of zero first-half profit

John Lewis has warned that profits in the first half of the year will be "Close to zero". Last year John Lewis made £26.6m in the first half, and blamed heavy investment for this year's expected fall. The well-known High Street name also warned over full-year profits, saying they could be "Substantially lower" than last year, when it made £290m. The retailer said its Waitrose chain would close four convenience shops and one small supermarket. While it does not expect to make any profit in the first half of the year, for the full year it said there were a "Wide range of possible outcomes, given the market uncertainty". It said it was assuming that profits before exceptional items would be "Substantially lower" than last year.

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