Sep 14, 2023
John Lewis recovery plan to take two years longer
John Lewis has said its plan to return to profit will take two years longer after it reported further losses for the first half of the year. The High Street giant, which also owns Waitrose, said rising business costs and larger than expected investment requirements meant that its recovery plan would not be finished until 2028. It said its modernisation plans would "Take precedence" over its staff bonus. In 2020, John Lewis launched its "Partnership Plan" with the aim of returning a £400m profit by 2025/26, but said was now going to take until 2027/28 due to a "Combination of inflationary pressures and greater than expected investment requirements". The department store has faced tough competition in recent years on the High Street, resulted in a series of store closures, while its supermarket chain Waitrose has underperformed Tesco and Aldi as shoppers hunt for cheaper food due to the higher cost of living.
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