The John Lewis Partnership is bracing for a hefty drop in profits and is curtailing its presence on the high street as it plans to grow the business through unique products and services rather than rolling out stores.
The group behind department store chain John Lewis and upmarket grocer Waitrose has warned that half-year profits could be “close to zero”, while full-year profits would be “substantially lower” than last year, as the bitter conditions for retailers continue to bite.
The company said it would close five of its Waitrose stores, four of which will be bought by the Co-op.
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