John Lewis Profits to Be Wiped Out Amid Price Competition
- Leaving EU without a deal is ‘unthinkable,’ chairman says
- John Lewis to close one supermarket, four convenience stores
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John Lewis Partnership Plc said profit in the first half will be “close to zero” before exceptional items as Brexit undermines consumer confidence and price competition with other U.K. retailers mounts.
With the U.K.’s planned departure from the European Union less than a year away, consumer confidence will suffer further in the second half, Chief Financial Officer Patrick Lewis said. The operator of John Lewis department stores and Waitrose supermarkets said it’s unable to give a precise annual profit forecast because of economic uncertainty, and it warned of disruption if the country leaves the bloc without an agreement in place.