Oct 16, 2020

John Lewis unveils £200m profit plan

UK retail chain John Lewis will introduce more budget ranges, expand online food delivery and offer new services like insurance and property letting as part of plans to make £200m of annual profit within the next two years. Unveiling the conclusions of a strategic review that began in March, group chair Sharon White also said John Lewis would make £300m of cost cuts - three times the £100m saved by her predecessor's overhaul announced last year. The employee-owned business, which operates 42 department stores and more than 300 Waitrose supermarkets, is aiming to invest £1bn over five years to accelerate its transformation, with a profit target of £400m by 2025. Dame Sharon had paved the way for Friday's announcement by closing eight John Lewis stores after the UK's lockdown ended and informing the group's 80,000 partners that there would be no staff bonus for the year to January 2021. Earlier this year, John Lewis took a £470m impairment charge against the value of its stores, saying they were less instrumental in driving online sales than it had previously estimated.

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