What: Total Partnership sales fell 2% to GBP 12.25 million and the company will pay no bonus as it continues its cost-savings drive.

Why it is important: While the retailer faced a tough year, John Lewis was able to attract more customers with stronger styling and design in its private label and saw customer numbers rise 0.5% to 11.7 million.

The loss before exceptional items and tax was GBP 78 million, down from GBP 181 million last year. Additionally, the impact of inflation was felt across the business, adding GBP 179 million to its costs.

The John Lewis chain was able to maintain market share with volumes up 1% but its operating profit fell by GBP 82 million to GBP 676 million. Traffic on the store’s app was up 13% with over a quarter of online sales coming from that platform and omnichannel customers up 4%.

The company has an ambitious target to save roughly GBP 600 million by January 2026 as it steps up its transformation focus and will be paying no bonus as a result.

John Lewis losses grow, launches bigger costs-savings drive