		<div class="wpcnt">
			<div class="wpa">
				<span class="wpa-about">Advertisements</span>
				<div class="u top_amp">
							<amp-ad width="300" height="265"
		 type="pubmine"
		 data-siteid="111265417"
		 data-section="2">
		</amp-ad>
				</div>
			</div>
		</div><p>The John Lewis Partnership has warned that the hit from a no-deal Brexit would be “significant” and impossible to offset as it tumbled to a €28.9m (£25.9m) half-year loss.</p>
<p><!--Ads1--></p>
<p>The owner of the department store chain and supermarket Waitrose said that, while it was taking actions to prepare for a possible no-deal, it could not entirely protect itself against an expected major impact.</p>
<p>Sir Charlie Mayfield, outgoing chairman of the John Lewis Partnership, said: “Should the UK leave the EU without a deal, we expect the effect to be significant and it will not be possible to mitigate that impact.</p>
<p>“In readiness, we have ensured our financial resilience and taken steps to increase our foreign currency hedging, to build stock where that is sensible, and to improve customs readiness.”</p>
<p>But he warned that Brexit “continues to weigh on consumer sentiment at a crucial time for the sector as we enter the peak trading period”.</p>
<blockquote><p>£61.8m Operating losses at the John Lewis department</p></blockquote>
<p>His comments came after the Government was forced to release its “worst-case scenario” plan for a no-deal Brexit, codenamed Operation Yellowhammer.</p>
<p>It showed that no-deal could trigger medical shortages, food price rises and major cross-Channel trade delays.</p>
<p>Results from John Lewis showed that it slumped to an underlying pre-tax and bonus loss of €28.9m (£25.9m) for the six months to July 27 – against profits of €894,000 (£800,000) a year earlier – as it said trading conditions had remained “difficult” and would continue to be challenging over its peak sales period.</p>
<p><!--Ads2--></p>
<p>The partnership said it was driven into the red by widened operating losses at its John Lewis department store chain, which increased to €69.2m (£61.8m) from €21.5m (£19.3m) a year ago as it suffered falling sales, surging costs of an IT overhaul and increasing cost inflation.</p>
<p>Like-for-like sales fell 2.3% across the department stores due largely to weaker demand for big-ticket home and electrical items.</p>
			<div style="padding-bottom:15px;" class="wordads-tag" data-slot-type="belowpost">
				<div id="atatags-dynamic-belowpost-68ed7673dc7bd">
					<script type="text/javascript">
						window.getAdSnippetCallback = function () {
							if ( false === ( window.isWatlV1 ?? false ) ) {
								// Use Aditude scripts.
								window.tudeMappings = window.tudeMappings || [];
								window.tudeMappings.push( {
									divId: 'atatags-dynamic-belowpost-68ed7673dc7bd',
									format: 'belowpost',
								} );
							}
						}

						if ( document.readyState === 'loading' ) {
							document.addEventListener( 'DOMContentLoaded', window.getAdSnippetCallback );
						} else {
							window.getAdSnippetCallback();
						}
					</script>
				</div>
			</div>
Discover more from London Glossy Post
Subscribe to get the latest posts sent to your email.
