Business

John Lewis transformation to take two more years

The John Lewis Partnership (JLP) has revealed its transformation plan will take two more years to complete than expected, while revealing a fall in losses over the first half of its financial year.

The employee-owned company, in which staff are known as partners, said that a combination of higher costs due to inflation and a need for greater investment had hit its turnaround timetable.

It was originally scheduled to have been completed in the 2025/26 financial year and deliver greater productivity and efficiency to boost profits following years of disappointing financial performance.

The partnership, which comprises the eponymous John Lewis department stores and Waitrose supermarkets, reported a loss before tax of £56.2m.

That was a 43% improvement on the £99.2m sum in the same six-month period last year.

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