First Profits Fall of John Lewis in Five Years
Thursday, September 11, 2008 16:22
The British department stores group John Lewis is a 144-year-old company owned by its 69,000 workers and runs 27 department stores and 192 Waitrose supermarkets.
Due to the slowdown in the housing market dragging down the sales of homewares and furniture, this leading UK retail business has suffered its first profits fall since 2002. Since the initial shock of the credit crunch last summer, the economic climate has become progressively more difficult, the confidence of consumer has hit a record low and the retail market has markedly slowed accordingly. As a result of such challenging trading environment, the pre-tax profits across department stores of this privately-owned group have already plunged greatly. On September 11, 2008, the employee-owned group has already dropped by 27% in its first-half profit.
It was cautious about the outlook for the rest of the year 2008 and 2009.
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