"significantly impacted by costs not present in the equivalent prior period, including £29 million of costs for the new Extended Producer Responsibility (EPR) packaging levy (where we took the full annual cost in our first half results), alongside higher National Insurance Contributions (NICs)."
"Our clear focus on accelerating investment in our customers and our brands is working: more customers are shopping with us, driving sales, and helping Waitrose and John Lewis outperform their markets. We achieved our highest recorded levels of positive customer satisfaction, a testament to the great service of our Partners. The investments we are making, combined with our plans for peak trading, provide a strong foundation for the remainder of the year. While we are reporting a loss in the first half, we're well positioned to deliver full year profit growth, which we'll continue to invest in our customers and Partners."
The John Lewis Partnership recorded an operating loss of £34 million in the six months to June, compared with a £5 million deficit in the prior year. Results were materially affected by a one-off £29 million charge for the new Extended Producer Responsibility (EPR) packaging levy taken in full in the first half and by higher National Insurance Contributions. Waitrose delivered £110 million in profit, while John Lewis online and stores posted a £53 million loss. The partnership is accelerating investment in customers and brands, reporting record positive customer satisfaction and expecting to deliver full-year profit growth.
#john-lewis-partnership #retail-finance #extended-producer-responsibility-epr #national-insurance-contributions
Read at London Business News | Londonlovesbusiness.com
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