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You can find the current article at its original source at https://www.theguardian.com/business/2018/jun/27/john-lewis-to-close-five-waitrose-stores-after-warning-on-profits
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| Five Waitrose stores to close after John Lewis issues warning on profits | |
| (35 minutes later) | |
| The John Lewis Partnership has said it will make no profit in the first six months of this year and is to close five Waitrose stores as tough trading on the high street takes its toll. | The John Lewis Partnership has said it will make no profit in the first six months of this year and is to close five Waitrose stores as tough trading on the high street takes its toll. |
| The group said its full-year profits, to be announced next March, will also be substantially lower than last year. It operates 50 John Lewis outlets and 350 Waitrose shops. | The group said its full-year profits, to be announced next March, will also be substantially lower than last year. It operates 50 John Lewis outlets and 350 Waitrose shops. |
| JLP blamed market uncertainty and cited significant extra costs as a result of greater IT investment, which would be the main cause of the profit decline. | JLP blamed market uncertainty and cited significant extra costs as a result of greater IT investment, which would be the main cause of the profit decline. |
| Waitrose will shut four convenience shops and one small supermarket, affecting about 200 staff. The four convenience stores are being sold to the Co-Op. | Waitrose will shut four convenience shops and one small supermarket, affecting about 200 staff. The four convenience stores are being sold to the Co-Op. |
| Sir Charlie Mayfield, the JLP chair, said: “It is very important that we feel the jeopardy of what is happening right now. This isn’t a blip, it is a major shift and it has a while to run.” | Sir Charlie Mayfield, the JLP chair, said: “It is very important that we feel the jeopardy of what is happening right now. This isn’t a blip, it is a major shift and it has a while to run.” |
| Waitrose is expected to see profit growth, but that will be offset by a decline at John Lewis. | Waitrose is expected to see profit growth, but that will be offset by a decline at John Lewis. |
| The group said: “It is widely acknowledged that the retail sector is going through a period of generational change and every retailer’s response will be different. For the partnership, the focus is on greater differentiation, not scale.” | The group said: “It is widely acknowledged that the retail sector is going through a period of generational change and every retailer’s response will be different. For the partnership, the focus is on greater differentiation, not scale.” |
| The stores are to change their branding from John Lewis’s trademark green and white and Waitrose’s lime and grey to black and white. “We have clear plans to build on our strengths and to sharpen our points of difference in both Waitrose and John Lewis,” JLP said. | The stores are to change their branding from John Lewis’s trademark green and white and Waitrose’s lime and grey to black and white. “We have clear plans to build on our strengths and to sharpen our points of difference in both Waitrose and John Lewis,” JLP said. |
| Retailers have been hammered by rising costs and falling consumer confidence, with several high-profile casualties this year resulting in hundreds of store closures. A number of store chains, including House of Fraser, New Look, Carpetright and Mothercare are closing stores, with thousands of jobs at risk, as a result of higher costs and a sea change in shopping habits as more sales move online. | Retailers have been hammered by rising costs and falling consumer confidence, with several high-profile casualties this year resulting in hundreds of store closures. A number of store chains, including House of Fraser, New Look, Carpetright and Mothercare are closing stores, with thousands of jobs at risk, as a result of higher costs and a sea change in shopping habits as more sales move online. |
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