Published on September 12th, 2019 | by The GC Team0
John Lewis warns of no-deal Brexit after £29m loss
The John Lewis Partnership today reported a loss of £25.9 million for the half year ended 27th July on sales of £5,420.2 million, down 1.2% on the same period last year.
Losses at John Lewis increased by £42.5 million to £61.8 million on sales of £2,054.8 million, down 1.8%.
The retailer highlighted the impact of subdued consumer confidence on sales, particularly in Home and Electricals where demand for more considered purchases has remained depressed.
The John Lewis Partnership historically makes the majority of its profits in the second half of the year, but warned that “Brexit continues to weigh on consumer sentiment at a crucial time for the sector as we enter the peak trading period.”
Sir Charlie Mayfield said if the UK leaves the EU without a deal, the firm expects the effect to be significant and it will not be possible to mitigate that impact.
“In readiness, we have ensured our financial resilience and taken steps to increase our foreign currency hedging, to build stock where that is sensible, and to improve customs readiness.”