John Lewis Partnership has seen its first-half losses more than double to £89m as rising costs and weaker demand for big-ticket purchases weighed heavily.
The Waitrose and John Lewis owner posted a loss before tax and exceptional items of £89m for the six months to 1 August, widening from a £34m loss during the same period last year.
Sales across the employee-owned group increased 2% to £6.3bn over the period.
Chairman Jason Tarry said the results reflected the Partnership’s continued investment in its transformation programme alongside a “more challenging trading environment” and higher costs of doing business.
The retailer said rising fuel prices during the half had added pressure to household finances, while John Lewis experienced weaker demand for larger discretionary purchases across general merchandise.
The Partnership has been investing heavily across both John Lewis and Waitrose as part of Tarry’s push to drive growth and improve the customer experience.
At its full-year results in March, the business said it had increased investment across stores, technology, supply chain and its brands by 26 per cent during 2025/26.
It has also continued to refurbish stores, expand its product ranges and invest in digital capabilities as it seeks to strengthen both retail brands.
However, the Partnership struck a cautious tone over the months ahead amid continued uncertainty surrounding the economy and pressure on consumer spending.
The second half is particularly important for the business, which traditionally generates the majority of its profits between August and January as it benefits from peak Christmas trading.
Tarry said the Partnership was now firmly focused on the festive period and insisted it was well prepared for Christmas.
The weaker first-half performance follows a year in which John Lewis Partnership sales climbed 5% to £13.4bn, while profit before tax, bonus and exceptional items rose 6% to £134m.
However, it recorded a statutory pre-tax loss of £21m after £120m of exceptional charges, largely linked to write-downs of legacy technology systems.
At the time, the Partnership warned it remained cautious about trading conditions in 2026/27 despite its strengthened balance sheet and improving cash generation.
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