John Lewis profits down by almost a fifth

UK retail chain John Lewis Partnership reported a 19.6% slide in half-year profits today, despite a resurgent performance from its Waitrose supermarket brand.

Waitrose saw underlying earnings jump 18.7% to £19.1m (€21.4m) in the six months to August 1, thanks to the launch of its value "essentials" range and free online delivery offer.

However, a 49% plunge in operating profits across the department stores business dragged overall results lower, sending group underlying pre-tax profits down to £86.3m (€96.8m) from £107.3m (€120.4m) a year earlier.