Half-year profits rise 28% at JLP

Department store group John Lewis has confirmed a sparkling performance in the half year to July 31, pushing up operating profits by 76.8% to £35.9m.
Sales rose 14.5% to £1.4bn. Like-for-like sales put on 12.3% while online transactions increased by 36.1%.

At the John Lewis Partnership as a whole, which comprises the department stores and Waitrose, pre-tax profits were up 28% to £110.5m.

However, chairman Charlie Mayfield warned about prospects for business in the months ahead.

“For the remainder of this year and into 2011 we anticipate more challenging trading conditions as higher taxes and public spending cuts begin to bite and household disposable incomes come under pressure,” he said.

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