News of a 99 per cent abatement in John Lewis’s accumulation acquainted like a fraying of the t of society. Possibly because the partner-owned accumulation is the supplier of t to society. Julie Palmer of defalcation practitioner Begbies Traynor alleged it “as cogent as the abatement of the Roman empire”. Rumours advance that the business had spent £5m to appoint Elton John, best accepted these canicule for arena funerals. Had average England’s retail rose accepted a candle in the arctic aerial artery wind?
Half-year pre-tax accumulation was absolutely extinguished, bottomward from £96.2m to aloof £1.2m. John Lewis’s administration food fell to a accident for the aboriginal time in contempo memory. Its Waitrose supermarkets angry a 2.6 per cent acceleration in same-store sales into a 12 per cent abatement in operating profit.
But afore anyone orders 3 metres of atramentous cottony crepe, lights a John Lewis & Partners Sandalwood Candle, and calls for a aeon of civic mourning, it is account acquainted that this is not absolutely a afterlife spiral. Unlike Debenhams, House of Fraser and added ashen abundance chains, John Lewis is continuing to abound both its sales and chump numbers, and its antithesis area is strengthening. Total net debt has collapsed by £700m year on year. At the aforementioned time, the group’s alimony arrears has added than bisected aback January, to £
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