What: John Lewis Chair Dame Sharon White has announced the company's expectation to return to profit this year, following a significant loss last year.

Why it is important: This forecast comes as John Lewis embarks on a substantial restructuring plan, including slashing up to 11,000 jobs and cutting costs by £900m, marking a pivotal moment in the retailer's efforts to achieve financial stability and sustainable growth.

John Lewis Chair Dame Sharon White has communicated to employees that the retailer is set to return to profit this year, aiming to "more than break-even" after experiencing a GBP 234m loss last year. This optimistic outlook is shared amidst the backdrop of the company's ambitious turnaround plan, which involves potentially cutting at least 10% of its workforce over the next five years, reducing redundancy pay for workers, and implementing a GBP 900m cost-cutting strategy. These measures are part of John Lewis's broader efforts to transform and stabilize its financial performance, with the recent appointment of ex-Jigsaw boss Peter Ruis to lead the department store business through its next transformation phase.

John Lewis predicts return to profit amid major restructuring