Business

John Lewis profits slump 99% in 'challenging times'

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John Lewis storeImage copyright
Reuters

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 owner of the department store chain and Waitrose supermarkets had warned in June that its half-year profits would be wiped out.

Its latest results showed profits for the six months to 28 July had fallen to £1.2m, down 99% from a year earlier.

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