Unlock free Digest editor
Roula Khalaf, editor of FT, chooses her favorite story in this weekly newsletter.
John Lewis Partnership warned the staff that the annual goal of profits will probably miss after a poor period during Christmas.
AND Retail group owned by employeeswho owns John Lewis and Waitrose, he told his workforce that it is little probably that in the year to January he will reach an internal earning of £ 131 million and blamed the consumer confidence for both chains missing from sales in the month to 21 .
Update excludes trading in the Christmas Week, when traders usually make considerable amounts of money, but it’s a naked challenge that is facing New Jason Tarry chair While trying to strengthen both brands after a challenging period for a group and continued losses.
It also writes bad news for its 73,000 workers who are waiting to find out if they will get an annual bonus when the group in March shares its annual results. The company said earlier that she would not pay a bonus if she had not reached £ 150 million to profit after he first abolished the benefit of 1953 in 2020.
The group had to fight with Covid-19 Pandemic and high inflation period trying to improve trading in the midst of fierce rival competition, as well as criticism that the previous chairman Dame Sharon White lacked retail capabilities to turn the business.
And former group CEO, Nish Kankiwala, too warned last year This increase in contributions to the national insurance announced by the Government that entered into force in April meant “tens of millions of pounds” in additional costs for the seller of 2025.
John Lewis Partnership said in a statement that it remained on the road to bring an annual previous profit of more than £ 42 million, which he reported the previous year-world goal he divided into September.
His half -year loss before taxation decreased by £ 49 percent to £ 30m in six months to 27 July, with £ 59 million in the same period of the previous year.
Telegraph first reported on an update of internal trading.
Nick Bubb, an independent retail analyst, said: “If things were good in John Lewis and Waitrose, we suspect they would not be silent,” referring to the absence of Christmas trading updates, although the company usually does not share one more.
Sepaled, the group returned £ 300 million that came this month, according to two people familiar with the issue, in a move that would further strengthen his balance.
An unusual structure owned by employees means that the administration has a limited ability to raise money from the outside.
