John Lewis has announced results for the year ending 30 January 2021. Total sales were up by 5% to £ 12 317 m due mainly to the supermarket chain Waitrose accounting for 62% of the total. However, the department stores checked in at £ 4 722 m only 2% down, thanks to the extremely strong performance of the online business. Operating profit at the department stores was naturally down by 25% to £ 554 m, but still profitable.

Overall, the group showed a loss before tax of - £ 517 m. No partnership bonus will be paid this year, the first time in 50 years.

The turnaround plan will require a substantial investment which means the group’s financial results will not improve in the current year. Investments will reach £ 800 m, 40% higher than in recent years.

More stores will be closing in the current year. However, investments will concern the remaining destination stores. There will also be smaller local stores showcasing the best of John Lewis. Already underway is the introduction of John Lewis shopping areas in Waitrose stores, and improved click and collect services.

John Lewis Partnership Full year results 11 March 2021