John Lewis profits slump 99% in 'challenging times'
Profits at the John Lewis Partnership have fallen to almost zero in the first half of the year as its department store chain matched discounting "extravaganza days" by rivals.John Lewis Partnership chairman Sir Charlie Mayfield said the retail sector was facing "challenging times". Its results, which include Waitrose, showed profits for the six months to 28 July sank 99% from last year to £1.2m.The retailer also warned that full-year profits would be "substantially lower".The company is rebranding its stores to John Lewis & Partners and Waitrose & Partners to highlight the chain's 85,000 members of staff, known as "partners" who are given an annual bonus based on the chain's profits.Margin squeeze"With the level of uncertainty facing consume...