John Lewis Partnership has reported a strong first-half performance in sales and customer satisfaction, despite posting a loss before tax and exceptionals of £34m for the 26 weeks to 26 July 2025.
The group – which owns retail brands John Lewis & Partners and Waitrose & Partners, as well as a farm at Leckford Estate, in Hampshire – saw sales grow 4% year-on-year to £6.2bn, with total revenue up 5% to £5.4bn.
Customer numbers rose 4% and loyalty schemes also expanded, with My Waitrose membership up 6% and My John Lewis up 13%. Both Waitrose and John Lewis outperformed their markets during the period, and overall customer satisfaction reached its highest recorded level.
Cash generation improved, with £177m generated from operations, £30m more than last year. Liquidity stood at £1.5bn at the half-year, supported by the renewal of a £460m revolving credit facility.
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The partnership increased investment to £191m in the half, focusing on store refurbishments, digital services, technology and supply chain upgrades, with a “significant uplift” planned in the second half.
Jason Tarry, chairman of the John Lewis Partnership, said the business was “well positioned to deliver full year profit growth” despite the first-half loss.
“Our clear focus on accelerating investment in our customers and our brands is working: more customers are shopping with us, driving sales, and helping Waitrose and John Lewis outperform their markets,” he said.
“We achieved our highest recorded levels of positive customer satisfaction, a testament to the great service of our Partners.”
The reported loss was largely attributed to costs not present last year, including £29m from the new Extended Producer Responsibility packaging levy and higher National Insurance contributions. On a like-for-like basis, the loss was broadly flat compared to the prior year.
Waitrose delivered record first-half sales of £4.1bn, up 6%, with volumes up 3%. The supermarket attracted 9% more customers than two years ago, boosted by investment in quality food, store upgrades and digital systems.
John Lewis sales grew 2% to £2.1bn, outperforming a market under pressure from economic uncertainty. The retailer was named best in the UK by both Which? and the UK Customer Satisfaction Index. However, adjusted operating losses widened to £53m, reflecting tax and National Insurance costs, as well as strategic investments.
Robyn Duffy, Consumer Markets Senior Analyst at RSM UK, said: “John Lewis Partnership’s turnaround strategy is maintaining momentum, with the retailer reporting strong revenue growth in H2, driven by both its retail division and its food arm, Waitrose.
“Wider market factors are likely at play in these results too. The recent M&S cyber-attack likely resulted in an unexpected windfall for John Lewis. With M&S’s online functions temporarily unavailable from April to June and stock on shelves significantly impacted, many consumers, particularly those in the overlapping target demographic, would have naturally turned to John Lewis as an alternative.
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