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The half-year results come days after the retailer rebranded to emphasise its partnership model – and announced 200 redundancies

Profits at worker-owned retailer John Lewis Partnership have fallen 99% before tax and exceptional items in its half-year results to 27 July, with chair Sir Charlie Mayfield warning: “These are challenging times in retail.”

The figure slumped to £1.2m from £83m a year earlier. Gross sales were up 1.6% to £5,486.6m, revenue rose 1.5% to £4,856.7m and profit before tax fell 80.5% to £6m, with the results in line with a warning made by the company in its strategy update in June.


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