John Lewis will return to profit this year, says chairman Dame Sharon White

Trust: Chairman of John Lewis Mrs Sharon White

Trust: Chairman of John Lewis Mrs Sharon White

The retailer’s chairman, John Lewis, has announced that the company will return to profit this year.

In a letter to employees this week, White said the employee-owned partnership “will more than break even.”

White added that the company was embarking on “very big changes and very bold changes,” according to The Telegraph. It comes days after reports that the partnership, which includes department store chain John Lewis and supermarket Waitrose, was preparing to cut jobs.

The John Lewis Partnership (JLP) has struggled for several years, recording a loss of £234m last year. It has been hit hard by the pandemic and high inflation.

White – who will step down in February 2025 at the end of her five-year term – has previously said she aims to return to sustainable profit by the 2027/28 financial year.

Her comments come after it was reported last week that JLP plans to cut up to 11,000 jobs. It is looking to reduce its workforce of 76,000 employees by at least 10 percent.

“There has been a tremendous amount of change over the past year,” White said.

“But these efforts are starting to show themselves in our business performance, we are converting more of our sales into partner revenue, and we will more than break even this year, which is a great start as we rebuild to sustainable profitability.”

A replacement is being searched for it. A spokeswoman for the partnership declined to comment.

(tags for translation) Daily Mail

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