Department retail retailer John Lewis saw its profits drop 99 % to £ ##60 m over early 2018 as the retail industry continues to face " hard times " , said its chairman Sir Charlie Mayfield , adding the primary reason for the fall in profits was that retailers ' profit margins had been lowered . The retailer also warned that the full year ##fall would be much lower .
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.