John Lewis Partnership has announced results for the year ending 27 January 2018. These were better than many, but showed a large fall in profits on almost static like-for-like sales. Waitrose sales were up 1.8% to £6.75bn, a like-for-like increase of 0.9%. The John Lewis department stores outperformed the market with a sales growth of 2.2%, or 0.4% on a like-for-like basis, at £4.84bn. Exceptional items for restructuring and redundancy caused the Partnership profit before bonus and tax to be reduced by 67.2%. The Partnership bonus was 5% of salary.

See press release of John Lewis results

See recording of announcement