Monday, 23 September 2019 09:56 GMT

John Lewis to blame Brexit for its loss

(MENAFN) John Lewis blames the shifting retail landscapes for what they posted about losing USD31,931,203.50 million for the first six months of the current year, in addition to the continuous concerns over Brexit.

Considering the trading conditions happening which is less than favorable, John Lewis said regarding their half year results that if the UK is leaving the European Union with no deal, the impact would be "significant", and it would also "not be possible to mitigate that impact".

Sir Charlie Mayfield, John Lewis's Partnership chairman, declared that the UK's leaving the European Union went on to "weigh on consumer sentiment at a crucial time for the sector as we enter peak trading period. In addition, he said that John Lewis prepared for Brexit by expanding their foreign currency hedging and stockpiling where it's possible.

He also said that he predicted retail conditions to stay strong through the year 2019, even though he said that the second half of the year was usually better for the retailer. The chairman commented on these rough trading conditions saying that the face of the UK retail was shifting fast.


John Lewis to blame Brexit for its loss


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