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John Lewis Partnership losses more than double in tougher trading. By Holly Williams, Press Association Business Editor Published 10th Sep 2026, 08:11 BST The retailer reported underlying first half losses of £89 million, up from £34 million a year earlier. The John Lewis Partnership has seen half-year losses more than double amid tougher trading and said it remained cautious over the final six months. The employee-owned group, which owns the department store chain and Waitrose supermarkets, reported losses before tax and exceptional items of £89 million for the six months to August 1, up from £34 million a year earlier. On a bottom line basis, pre-tax losses widened to £124 million from £88 million a year ago as it said costs also weighed on results, including moves to restructure its head office. You May Like The John Lewis Partnership (JLP) said the head office reorganisation was focused on its central teams and had led to some job losses. While it did not disclose numbers, it said the impact on jobs was less than 1% of its total workforce. Sales in its department store chain fell 2% as it said consumers were holding back on discretionary spending, while sales across the Waitrose supermarket arm rose 4%. Overall half-year sales rose 2% to £6.3 billion. Jason Tarry, chairman of the JLP, said: "Our first-half results reflect our continued investment in our transformation, a more challenging trading environment and the increased costs of doing business." Mr Tarry told the Press Association consumers were cutting back on big purchases. He said: "Consumers are holding back on spending on bigger ticket items. "They're cautious at the moment given what's going on in the world." While the second half of the year including Christmas is traditionally much stronger for the firm, it said it was cautious. JLP said in the half year results: "There is no doubt the wider economic and geopolitical landscape has weighed on our customers during the first half and we remain cautious in our outlook for the second half. "As in every year, the majority of our profit is earned in the second half, and the full-year outcome will be determined by peak trading." Mr Tarry said there will be further cost pressures over the remainder of the year due to the Iran war and a rising workforce bill, pushed up by National Insurance tax increases and wage rises. But he told PA the group was operating in a "highly competitive market" and was "committed to making sure we do everything we can" to keep prices down for shoppers. The John Lewis sales decline marks a reversal of trading fortunes for the group after it saw sales rise by 3% in 2025-26. Underlying operating losses widened to £83 million in the department store arm, from £53 million a year ago, with the firm saying it "invested more in promotions in response to the subdued market". Will Kernan, former non-executive director at John Lewis, has this week taken over from Peter Ruis at the helm of the department store business. The new managing director's career has included stints as boss of high street retailers River Island and The White Company.

John Lewis posts £120m loss as Labour tax raid pushes up costs. Retail Reporter The owner of John Lewis fell to a loss of more than £120m in the first half of its trading year as the retail giant hit out at Labour tax raids for "the increased costs of doing business". The John Lewis Partnership, which also owns Waitrose, posted a pre-tax loss of £124m, 41 per cent larger than last year, as sales grew by just two per cent to £6.3bn. Jason Tarry, chairman of the employee-owned group, said: "Our first-half results reflect our continued investment in our transformation, a more challenging trading environment and the increased costs of doing business." The company said its operating costs in the period were pushed up by the rising cost of employment, including Labour's hike to employer national insurance contributions (NICs), which retailers have warned is preventing them from hiring. Sales at John Lewis fell by two per cent to £2bn in the six months to August, as the department store battled with a "more challenging" discretionary market, as cash-strapped shoppers cut back on spending on big-ticket items. News updates. Stay ahead with our three daily briefings delivering all the key market moves, top business and political stories, and incisive analysis straight to your inbox. The retailer said it has been more sparing in its discount offers in a bid to boost sales of full-price items, though it did invest in promotions "in response to the subdued market". The department store chain posted an adjusted operating loss of £83m, up from £53m last year, which it said reflected "softer trading, cost growth" and higher investment. Earlier this month, Peter Ruis stepped down as managing director of John Lewis, just three years into his bid to revamp the "stuffy" department store chain. He has been replaced by former New Look boss Will Kernan. In his last act as managing director, Ruis said the UK economy is facing a "permacrisis" and warned the government against a "terrible" business rates raid on large retailers. Iran war 'weighs on John Lewis customers' Up-market grocer Waitrose was a bright spot for the Partnership in its trading update on Thursday, taking a four per cent sales uplift to £4.3bn. But the group said that higher costs caused by the summer heatwaves weighed on the supermarket's margins and pushed its adjusted operating profit down by six per cent to £103m. Waitrose said it invested £20m in pushing down prices, as grocers compete to attract shoppers minding their budgets amid fears that the Iran war is pushing up inflation. "There is no doubt the wider economic and geopolitical landscape has weighed on our customers during the first half and we remain cautious in our outlook for the second half," the group said. The Partnership said it expects to make most of its annual profit in the second half of the year, adding that it is confident it is "doing the right things for our customers". John Lewis said it will soon see the benefits of its investment in its infrastructure, including shop-floor refurbishments, electronic shelf labels and warehouse automation. Tarry said: "We are managing the business with discipline and have chosen to keep investing in our customers, Partners and the long-term strength of our brands. "While losses grew in the half, our employee-owned model allows us to take that longer-term view, supported by our financial strength."

John Lewis sales fall as losses widen amid continued investment. John Lewis has reported a 2% decline in first-half sales as weaker demand for discretionary purchases and higher costs contributed to a widening operating loss. For the 26 weeks to 1 August 2026, John Lewis sales fell to £2.0bn, compared with £2.07bn in the same period last year. Adjusted operating losses increased to £83m from £53m, reflecting softer trading, cost inflation and continued investment in the transformation of the business. The retailer said the wider discretionary market had become more challenging during the period, although disciplined stock management and more targeted promotional and clearance activity helped full-price sales increase by 5.5%. Across the wider John Lewis Partnership, which also includes Waitrose, sales increased by 2% to £6.3bn. However, loss before tax and exceptional items widened significantly to £89m, compared with £34m a year earlier, with the Partnership citing increased investment, tougher trading conditions and the higher cost of doing business. Investment across the Partnership increased by 29% to £246m during the half, as the business accelerated store modernisation, technology upgrades and improvements to its supply chain and inventory management systems. Cash generated from operations fell by £46m to £131m, while total liquidity remained at £1.4bn. John Lewis said there were encouraging signs that investment in its omnichannel proposition was beginning to deliver results, with refurbished stores outperforming the wider estate. The retailer is investing £50m in its store estate this year, including projects in Glasgow, Cambridge, Leicester, Reading and Liverpool. It has also introduced more than 100 new brands and products, launched a new Sport and Wellness concept and unveiled its new Platter hospitality proposition, which is expected to reach 32 cafés and restaurants by the end of 2027. Investment during the first half has also supported what John Lewis describes as a significant refresh of its website, while the reinstated Never Knowingly Undersold proposition continues to form part of its focus on quality, service and competitive value. Will Kernan has been appointed Managing Director of John Lewis, succeeding Peter Ruis. At Partnership level, the statutory loss before tax increased to £124m from £88m in the comparable period, including £35m of exceptional costs, principally associated with restructuring and the modernisation of its cloud technology. Jason Tarry, Chairman of the John Lewis Partnership, said the results reflected continued investment in the transformation of the business alongside a more challenging trading environment and increasing operating costs. He added that stores which had already been transformed were outperforming the rest of the estate, giving the Partnership confidence in the longer-term commercial potential of both John Lewis and Waitrose. The performance of the two businesses diverged during the half. Waitrose sales increased by 4% to £4.3bn, while John Lewis continued to be affected by pressure on consumer spending on larger discretionary purchases. The Partnership remains cautious about the second half, citing continued economic and geopolitical uncertainty. It said the majority of its annual profit is traditionally generated during the second half of the year and that the full-year result will therefore be heavily dependent on peak trading. Insight DIY Analysis The numbers underline the challenge facing John Lewis. The business is continuing to invest heavily in stores, digital and its proposition at precisely the point when consumers are becoming more cautious about larger discretionary purchases. The encouraging element is the evidence that refurbished stores are outperforming the wider estate. The key question now is whether those improvements can be translated quickly enough across the business to offset rising costs and restore profitability. For suppliers operating across Home, the results are also worth watching closely. John Lewis Home revenue fell to £413m from £425m in the comparable period, while Fashion and Technology revenues also declined. With the critical Christmas trading period still ahead, the second half will provide a much clearer indication of whether the retailer's investment programme is beginning to translate into meaningful commercial returns. 10 September 2026 Insight DIY always publishes the latest news stories before anyone else and we find it to be an invaluable source of customer and market information. Max Crosby Browne - CEO, Home Decor