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Profits tumble at John Lewis

jlathomeFirst half operating profits have tumbled by almost a third at John Lewis.

The department store chain saw operating profits drop by 31.2% to £32.4m in the six months to 30 July.
It said more than half of the cost was maintaining old sites in its distribution network to smooth the transition to its £150m Magna Park centre which opens this months and increasing wages to maintain differentials. ‘The balance of the reduction reflects the continued shift to online and a market dynamic of competitive pricing, both of which we expect to continue into the second half,’ said Sir Charlie Mayfield, John Lewis chairman.
Sales grew by 4.5% to £2.02bn, with like for like sales up 4.5%.
Home sales grew by 3.7% and were driven by furniture which rose by 6.8% with beds up 13.7%.
Total online sales rose from 30.6% to 34.5%.