John Lewis, which recently opened a distribution facility in Milton Keynes, said profits were hit in part by investment in its distribution network Darren Staples ReutersPre-tax profits plunged nearly 75 per cent at the John Lewis Partnership after the retail group had to absorb higher pay costs in a competitive market. The employee-owned group, which is made up of John Lewis and Waitrose, said that it had made a profit of £56.9 million in the half year to July 30 as it responded to “deep structural change” in the retail market and society. However, when exceptional costs, such as a £25 million write-off on Waitrose development sites that will no longer be built, are excluded the partnership’s pre-tax profit has dropped by a smaller margin…

Source: The Times September 15, 2016 10:52 UTC