John Lewis Partnership has fallen short of its profit targets for the crucial golden quarter, with both John Lewis and Waitrose missing their sales expectations.
The retail giant, which owns department store chain John Lewis and supermarket brand Waitrose, blamed “lower consumer confidence and weaker-than-expected market conditions” for the underwhelming sales figures in the period ending 21st December. Additionally, it cited the timing of key trading days, which fell outside the reporting window, as a contributing factor.
An internal document obtained by The Telegraph revealed that “both John Lewis and Waitrose missed their sales targets.” However, the company reassured employees that it had outperformed its competitors and encouraged staff to be “proud of our performance.”
The weaker-than-expected results could pose a challenge to John Lewis Partnership’s goal of reaching £131 million in profit for the full financial year. The retailer had returned to profitability last year for the first time in three years, posting a pre-tax profit of £56 million— a sharp recovery from a £234 million loss the previous year.
The retailer is expected to disclose its full-year financial results in the coming months.
