John Lewis, the renowned London-based fashion retailer, has cut losses to £29 million in the first 6 months of the financial year.
The retailer has attributed the same to its efforts of reducing the costs as well as benefitting from business rates relief. However, it was quick to add that there could be significant uncertainty about trading over Christmas.
Amidst staff and stock pressure, the Christmas trading could be challenging, believes the British clothing retailer.
Cutting down the losses came as the retailer shut down 16 of its loss-making stores and laid off thousands of employees – besides accepting tax relief of £58 million from the Government.
Meanwhile, the retailer has also said that may plan to start paying bonus to employees next year, and if that happens, it would be a year earlier than expected.
Not surprising considering John Lewis saw its sales grow by 6 per cent to around £5.9 billion in the half-yearly period that ended 31 July 2021.
However, the final decision on paying bonus and, also whether it could pay back business rates relief, would be taken only in early 2022.
Earlier this month, the retailer had expanded its affordable brand Anyday by including the best of womenswear, menswear and kidswear.
John Lewis today has more than 40 stores across Great Britain, with concessions located in the Republic of Ireland and Australia.