Jan 10, 2019

Opening Quote: not so Super Thursday for M&S, Debs and John Lewis

In the first half of its financial year, clothing and home like-for-like sales had fallen 1.1 per cent but food performed worse as like-for-like sales fell 2.9 per cent. For the John Lewis Partnership, it is all about margin, too - mainly because we already know about sales. This morning, chief executive Charlie Mayfield confirmed that he does expect full-year profit to be "Substantially lower this year, driven by slower sales growth over the year and margin pressure in John Lewis & Partners along with higher costs". Like-for-like sales at John Lewis & Partners did rise by 1 per cent in the seven weeks to January 5, and like-for-like sales at Waitrose & Partners were up 0.3 per cent. As the City expected: Yes, in terms of sales - they saw the John Lewis weekly sales figures and would have been shopping at Waitrose Canary Wharf.

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