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John Lewis reports 28% rise in H1 profits

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by Kay Mitchell

The John Lewis Partnership, which is regarded as a barometer of British retailing, has today posted a 28% rise in first half profits.

The renowned employee-owned department store said pre-tax profit came in at £111.2 million, compared with the £24.2 million in the same period a year ago.

Meanwhile, sales grew 12.4% to £3.81 billion in the six months ending 31 July.

Many retailers have issued caution about the second half of the year, as a result of the Government’s tough spending cuts, which will hit consumer spending.

However, John Lewis chairman, Charlie Mayfield, said: “Despite the economic headwinds, and tougher comparables in the second half, we remain confident that both Waitrose and John Lewis will continue to grow ahead of the market.”

The figures come as investors await August’s retail sales data – due to be published this morning.

Analysts expect a rise of 0.3%.

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News posted: September 16, 2010

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