John Lewis blames budget tax hikes for deeper loss

The John Lewis Partnership (JLP) has blamed fund taxation hikes for a deeper half-year loss.

The UK's largest employee-owned business, which owns John Lewis section stores and Waitrose supermarkets, reported a nonaccomplishment earlier taxation and exceptional items of £34m for the six months to 26 July.

That compared to a £5m nonaccomplishment successful the aforesaid play past year. The higher fig was reached contempt a 4% emergence successful radical income to £6.2bn.

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"This effect was importantly impacted by costs not contiguous successful the equivalent anterior period", the concern explained, "including £29m of costs for the caller Extended Producer Responsibility (EPR) packaging levy (where we took the afloat yearly outgo successful our archetypal fractional results), alongside higher National Insurance Contributions (NICs)".

JLP said the nonaccomplishment fig besides reflected further concern successful its systems and growth-led teams.

It insisted it was connected way to turn profitability successful the halfway 2nd fractional of its fiscal twelvemonth contempt a "challenging" macroeconomic environment.

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