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John Lewis Partnership warns staff on annual profit target

John Lewis Partnership warns staff on annual profit target John Lewis Partnership warns staff on annual profit target

Digest opened free editor

John Lewis Partnership has warned the employees that you are likely to miss a year -long goal after a faded period in the previous Christmas period.

The employee -owned retail group, which owns John Lewis and Waitrose, has told its working power that it is unlikely to achieve an internal goal of 131 million pounds for the year until January to December 21.

The update excludes trading at the Christmas Week, when retailers usually make large sums of money, but it puts the challenges faced by new President Jason Tari while trying to activate both marks after a difficult period of the group and ongoing losses.

It also shows the bad news of the 73,000 workers group, who are waiting to know if they will get an annual bonus when the group shares its annual results in March. The company previously said that it will not pay a reward unless it reaches 150 million pounds in profits after it was canceled for the first time since 1953 in 2020.

The group was forced to face the Covid-19 and a period of high inflation while trying to improve trading amid fierce competition from competitors, as well as criticism that former President Sharon White lacks retail skills to transfer the commercial tour.

The former CEO of the group, Nish Kantiola last year, warned that the increases in national insurance contributions announced by the government, which enters into force in April means “tens of millions” of pounds at additional costs of retail stores from 2025.

John Lewis Partnership said in a statement that it remained on the right track to achieve annual profits before induction above 42 million pounds mentioned in the previous year-an external goal that he participated in September.

The pre -tax loss for a period of half a year has narrowed by 49 percent to 30 million pounds in the six months to 27 July, from 59 million pounds during the same period in the previous year.

The internal trading update was first reported by the telegraph.

“If things are good in John Lewis and Waitrose, we doubt that they will not remain calm,” said Nick Bob, a retail analyst, in a reference to the absence of a Christmas trading update, although the company does not usually participate one anymore anymore. .

Separately, the group paid 300 million pounds from the debt scheduled this month, according to two people familiar with this issue, which will increase its enhancement of its public budget.

The unusual structure owned by the employee means that the administration has a limited ability to raise funds from abroad.

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2025-01-31 12:49:00


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