John Lewis profits slump 99% in 'challenging times'

Profits at John Lewis have fallen to almost zero in the first half of its financial year. Sir Charlie Mayfield, chairman of the John Lewis Partnership, said: "These are challenging times in retail". The retailer - which is rebranding its stores to John Lewis & Partners and Waitrose & Partners - said profits for the full year would also be down. "With the level of uncertainty facing consumers and the economy, in part due to ongoing Brexit negotiations, forecasting is particularly difficult but we continue to expect full year profits to be substantially lower than last year for the partnership as a whole," the retailer said. In the first six months, profits at the John Lewis department store business were hit hardest.

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