{"id":51663,"date":"2023-03-16T11:16:53","date_gmt":"2023-03-16T11:16:53","guid":{"rendered":"http:\/\/underlinesmagazine.com\/?p=51663"},"modified":"2023-03-16T09:31:28","modified_gmt":"2023-03-16T09:31:28","slug":"john-lewis-partners-swings-to-78-million-loss","status":"publish","type":"post","link":"https:\/\/underlinesmagazine.com\/2023\/03\/16\/john-lewis-partners-swings-to-78-million-loss\/","title":{"rendered":"John Lewis &#038; Partners &#8211; swings to \u00a378 million loss"},"content":{"rendered":"<div id=\"attachment_51665\" style=\"width: 1569px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-51665\" class=\"size-full wp-image-51665\" src=\"https:\/\/i0.wp.com\/underlinesmagazine.com\/wp-content\/uploads\/2023\/03\/johnlewispartnership_373b7c2d093c6-1.jpg?resize=1170%2C877&#038;ssl=1\" alt=\"\" width=\"1170\" height=\"877\" srcset=\"https:\/\/i0.wp.com\/underlinesmagazine.com\/wp-content\/uploads\/2023\/03\/johnlewispartnership_373b7c2d093c6-1.jpg?w=1559&amp;ssl=1 1559w, https:\/\/i0.wp.com\/underlinesmagazine.com\/wp-content\/uploads\/2023\/03\/johnlewispartnership_373b7c2d093c6-1.jpg?resize=350%2C262&amp;ssl=1 350w, https:\/\/i0.wp.com\/underlinesmagazine.com\/wp-content\/uploads\/2023\/03\/johnlewispartnership_373b7c2d093c6-1.jpg?resize=780%2C585&amp;ssl=1 780w, https:\/\/i0.wp.com\/underlinesmagazine.com\/wp-content\/uploads\/2023\/03\/johnlewispartnership_373b7c2d093c6-1.jpg?resize=170%2C127&amp;ssl=1 170w, https:\/\/i0.wp.com\/underlinesmagazine.com\/wp-content\/uploads\/2023\/03\/johnlewispartnership_373b7c2d093c6-1.jpg?resize=768%2C576&amp;ssl=1 768w, https:\/\/i0.wp.com\/underlinesmagazine.com\/wp-content\/uploads\/2023\/03\/johnlewispartnership_373b7c2d093c6-1.jpg?resize=1536%2C1152&amp;ssl=1 1536w, https:\/\/i0.wp.com\/underlinesmagazine.com\/wp-content\/uploads\/2023\/03\/johnlewispartnership_373b7c2d093c6-1.jpg?resize=1170%2C877&amp;ssl=1 1170w, https:\/\/i0.wp.com\/underlinesmagazine.com\/wp-content\/uploads\/2023\/03\/johnlewispartnership_373b7c2d093c6-1.jpg?resize=585%2C439&amp;ssl=1 585w\" sizes=\"auto, (max-width: 1170px) 100vw, 1170px\" \/><p id=\"caption-attachment-51665\" class=\"wp-caption-text\">Waitrose &amp; Partners and John Lewis &amp; Partners\u00a0<\/p><\/div>\n<p><a href=\"http:\/\/www.johnlewispartnership.com\">John Lewis Partnership<\/a> has plunged to a loss of \u00a3234 million (to year end 28th January 2023) and admitted it could not afford to pay staff their traditional annual bonus. Loss before exceptional items and tax was \u00a378m, down from profit of \u00a3181m last year, principally due to economic backdrop and inflationary pressures. The write down in the value of Waitrose stores was the\u00a0 biggest item &#8211; this is against a profit of \u00a3181 milliion last year.<\/p>\n<p>The Group also announced that there would be no annual bonus for partners for the year.\u00a0Last year, the bonus was worth 3% of salary. However, there was no bonus for the 74,000 partners in 2021 either.<\/p>\n<p>Chair Sharon White said it had been a &#8216;tough time. However, she maintained the balance sheet remains strong, with \u00a31 billion of cash on hand.\u00a0\u00a0She also admitted that some of the group\u2019s problems are self-inflicted.<\/p>\n<blockquote><p>It is also the case that we had some set-backs. Product supply challenges and a major fire in our Brinklow warehouse hit availability in Waitrose last summer. This was recovered through autumn and availability is now strong,.&#8221;<\/p><\/blockquote>\n<p>Total Partnership sales were \u00a312.25bn, down 2% with Waitrose sales down 3% to \u00a37.31bn, but John Lewis sales rising to \u00a34.94bn, up 0.2%.<\/p>\n<p>White further added:<\/p>\n<blockquote><p>We\u2019re showing renewed confidence. A \u00a3100m price investment in Waitrose &#8211; demonstrating that value with values (quality and sustainability) go hand in hand. John Lewis Horsham has undergone a multimillion pound revamp and is testing new concepts like play spaces for children that will be tested in other stores. Going big this spring on nursery, childrenswear and advice for families.<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>John Lewis Partnership has plunged to a loss of \u00a3234 million (to year end 28th January 2023) and admitted it could not afford to pay staff their traditional annual bonus.&hellip;<\/p>\n","protected":false},"author":1,"featured_media":51665,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[59530],"tags":[500398330],"class_list":["post-51663","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-shops","tag-john-lewis-partners-swings-to-78-million-loss"],"aioseo_notices":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/underlinesmagazine.com\/wp-content\/uploads\/2023\/03\/johnlewispartnership_373b7c2d093c6-1.jpg?fit=1559%2C1169&ssl=1","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/underlinesmagazine.com\/wp-json\/wp\/v2\/posts\/51663","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/underlinesmagazine.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/underlinesmagazine.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/underlinesmagazine.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/underlinesmagazine.com\/wp-json\/wp\/v2\/comments?post=51663"}],"version-history":[{"count":3,"href":"https:\/\/underlinesmagazine.com\/wp-json\/wp\/v2\/posts\/51663\/revisions"}],"predecessor-version":[{"id":51668,"href":"https:\/\/underlinesmagazine.com\/wp-json\/wp\/v2\/posts\/51663\/revisions\/51668"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/underlinesmagazine.com\/wp-json\/wp\/v2\/media\/51665"}],"wp:attachment":[{"href":"https:\/\/underlinesmagazine.com\/wp-json\/wp\/v2\/media?parent=51663"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/underlinesmagazine.com\/wp-json\/wp\/v2\/categories?post=51663"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/underlinesmagazine.com\/wp-json\/wp\/v2\/tags?post=51663"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}