John Lewis is one of those few British fashion retailers, which has had a good holiday season.
The fashion retailer, all thanks to good holiday sales, has repaid a loan of £300 million that it had taken from the HM Treasury and Bank of England for Covid relief support.
What’s noteworthy is that the retailer has repaid the loan much before the scheduled date of 15 March 2021.
While confirming on the same, John Lewis announced that its Black Friday and Christmas sales were better than anticipated. It, therefore, had enough liquidity to return the loan amount before time.
The retailer now hopes its full-year profits to also be better than the small loss or small profit it had forecast while presenting its half-yearly results in September 2020.
More than 200 large businesses have availed the loan scheme – a part of central bank’s corporate finance facility. Notably, most of them, reportedly, have already repaid the amount.
Earlier this month, John Lewis had suspended its click-and-collect services in its stores after the UK Government has tightened its pandemic rules.
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