Department store chain John Lewis saw its profits drop 99% to £1.2m over H1 2018 as the retail industry continues to face "challenging times", said its chairman Sir Charlie Mayfield, adding the primary reason for the fall in profits was that stores' profit margins had been squeezed. The retailer also reported a loss of £2.4m, or £1.3bn, on sales of £3.9bn during the first half of 2018.
Department store chain John Lewis saw its profits drop 99% to £1.2m over H1 2018 as the retail industry continues to face "challenging times", said its chairman Sir Charlie Mayfield, adding the primary reason for the fall in profits was that stores' profit margins had been squeezed. The retailer also warned that the full year results would be much lower.