John Lewis Partnership losses more than double in tougher trading

The John Lewis Partnership has seen half-year losses more than double amid tougher trading and said it remained cautious over the final six months.The employee-owned group, which owns the department store chain and Waitrose supermarkets, reported losses before tax and exceptional items of £89 million for the six months to August 1, up from £34 million a year earlier.On a bottom line basis, pre-tax losses widened to £124 million from £88 million a year ago as it said costs also weighed on results, including moves to restructure its head office.The John Lewis Partnership (JLP) said it was reorganising its head office, which had led to some job losses.Sales in its department store chain fell 2% as it said consumers were holding back on discretionary spending, while sales across the Waitrose supermarket arm rose 4%.Overall half-year sales rose 2% to £6.3 billion.Jason Tarry is chairman of the John Lewis Partnership (John Lewis/PA)PA MediaJason Tarry, chairman of the JLP, said: “Our first-half results reflect our continued investment in our transformation, a more challenging trading environment and the increased costs of doing business.”While the second half of the year including Christmas is traditionally much stronger for the firm, it said it was cautious.JLP said: “There is no doubt the wider economic and geopolitical landscape has weighed on our customers during the first half and we remain cautious in our outlook for the second half.“As in every year, the majority of our profit is earned in the second half, and the full-year outcome will be determined by peak trading.”