The John Lewis Partnership - which includes Waitrose – has reported a slump in gross sales, down 1.8% year on year in the seven weeks from 17 November to 4 January. Three of Britain’s major retailers are reporting results for the key Christmas period today, and it’s a decidedly mixed picture. Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business. The shining light was an impressive performance in their online proposition.” “Waitrose performed better but continues to undergo a transformation in the business. “What’s more, in this hyper-competitive industry, their price matching promise is likely to have eroded margins further against the backdrop of rising operating costs. Consumers appear to have pulled forward gift purchases to take advantage of deep discounts at the expense of Christmas trading. “The later timing of Black Friday may ultimately have been the destructive force at play. “Excitable Edgar did little to fire up Christmas sales with declines across non-food and a woeful performance in the online business which barely showed any signs of growth. Richard Lim, CEO of Retail Economics, says that trading at the Partnership is tough, and not helped by Black Friday: John Lewis’s poor performance proves that you need more than a cute fire-breathing dragon to succeed at Christmas. No bonus for Excitable Edgar, who starred in John Lewis’s Christmas advert Photograph: John Lewis & Partners/PA
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