John Lewis reports 60% profit rise
John Lewis has posted a 60% jump in profits as the UK's summer of special events helped its stores and grocery chain weather the economic downturn.
The employee-owned partnership, which has 37 John Lewis shops and 284 Waitrose supermarkets, also credited strong online growth for an 8.6% rise in revenues to £3.9bn, and profits of £144.5m in the six months to July 28. It said consumer demand remained fragile but that its department stores still enjoyed like-for-like sales growth of 8.5% in the following six weeks. As the official department store of London 2012, the group benefited from sales linked to the Olympics, Paralympics and diamond jubilee.