Jan 9, 2020

John Lewis reveals tough Christmas as key executive exits

Edgar the dragon had little to get excited about as John Lewis, whose Christmas advertising turned the cuddly reptile into a social media star, reported weak festive trading and the departure of a key executive. The partnership also said that full year profit will be substantially lower than even last year's depressed level, raising again the sensitive issue of the staff bonus. Last year, John Lewis warned that its staff bonus might have to be suspended against a backdrop of highly promotional conditions and consumer caution. John Lewis has been expanding its own-brand ranges to reduce the impact of its Never Knowingly Undersold promise, which obliges it to match the discounts on branded goods offered by more distressed competitors. Sir Charlie has also controversially overhauled the group's management structure, scrapping the operating boards of John Lewis and Waitrose in favour of a single board.

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