Even John lewis makes a loss15 Sep 2022 15:00
The John Lewis Partnership has warned its annual staff bonus is at risk this year after it slumped to a first half loss of £99m and said the outlook in the run-up to Christmas was “uniquely uncertain”.
The group, which is staff-owned and includes the Waitrose supermarket chain, blamed soaring inflation for the loss in the 26 weeks to 30 July, which compared with a £29m loss before tax in the same period last year.
“No one could have predicted the scale of the cost of living crisis that has materialised, with energy prices and inflation rising ahead of anyone’s expectations,” said Sharon White, chair of John Lewis Partnership. “As a business, we have faced unprecedented cost inflation across grocery and general merchandise.”
I understand they have also NOT passed on all price increases yet, so THG is not that much out of step. should rebound at some stage.