The John Lewis Partnership (JLP) has attributed a deeper half-year loss to budget tax hikes. The UK’s largest employee-owned business, which operates John Lewis department stores and Waitrose supermarkets, disclosed a loss before tax and exceptional items amounting to £34m for the six months ending on 26 July. This marks a significant increase from the £5m loss reported in the same period the previous year, despite a 4% rise in group sales to £6.2bn.
The partnership clarified that the higher loss figure was impacted by costs that were not present in the equivalent prior period, including £29m for the new Extended Producer Responsibility (EPR) packaging levy and increased National Insurance Contributions (NICs). Additionally, the loss figure reflected additional investment in systems and growth-led teams.
Despite the challenging macroeconomic environment, JLP remains optimistic about growing profitability in the core second half of the financial year. The company is committed to navigating the obstacles and capitalizing on opportunities for growth.
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