John Lewis raises FY guidance after robust Christmas sales

by | Jan 22, 2021

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(Sharecast News) – John Lewis Partnership raised annual guidance after better-than-expected trading over Christmas as people bought more goods online and also spent the holidays at home under tighter Covid restrictions.
The department store-to-supermarket chain on Friday said it now expected profits to be ahead of September guidance when it forecast a small loss or a small profit for 2020/21.

Britain was subjected to lockdowns in November and a range of restrictions in December, forcing the closure of John Lewis department stores.

However, the supermarket sector reported strong sales growth as customers tried to combat the grim period by buying higher-priced food and drink such as champagne and smoked salmon.

 
 

John Lewis added it would repay a £300m Covid-19 from the government two months early.

“Despite the head winds of the last year when John Lewis stores were closed for several months, and future trading volatility, the Partnership believes it has sufficient liquidity going forward,” the group said in a statement.

John Lewis will publish its annual results on March 11, it added.

 
 

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