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UK retailer John Lewis warns of Brexit impact after profit slides

Sterling is weaker and there's evidence to show that confidence is being affected, says Charlie Mayfield

Reuters  |  London 

British retailer John Lewis warned that consumer confidence is being damaged by the shadow of Brexit and that performance would take a further hit after first-half profit tumbled by more than half. Employee-owned John Lewis, comprising the eponymous department store business and the upmarket Waitrose supermarket chain, on Thursday reported pretax profit down 53 per cent at 26.9 million pounds ($35.6 million), citing weak consumer demand and investment in its restructuring process. The group has also been hurt by currency movements, with the value of the pound having plunged since ...

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First Published: Thu, September 14 2017. 19:12 IST