Insights
- The John Lewis Partnership reported a modest sales increase to £12.4 billion ($15.79 billion) in FY24, improving by 1 per cent year-over-year, with total revenue also rising 2 per cent to £10.8 billion.
- The company saw a notable turnaround, achieving a pre-tax profit of £56 million, marking a significant improvement from the previous year's £78 million loss.
The John Lewis Partnership, a UK-based retailer, has reported sales of £12.4 billion (approximately $15.79 billion) in fiscal 2024 (FY24), marking a 1 per cent increase, or £176 million, from the previous year. Total revenue also saw a 2 per cent rise to £10.8 billion, with the gross margin rate enhancing by 0.6 percentage points over the year. The company welcomed 1 million new customers, expanding its customer base to 22.6 million.
The retailer turned around its financial performance with a profit before tax and exceptional items of £42 million, a stark contrast to the £78 million loss recorded in FY23. The profit before tax stood at £56 million, indicating a £290 million year-on-year improvement. Operating profit margins experienced a 1.2 percentage point increase, contributing to the overall profitability, the company said in a press release.
The John Lewis Partnership reported a modest sales increase to £12.4 billion ($15.79 billion) in FY24, improving by 1 per cent year-over-year, with total revenue also rising 2 per cent to £10.8 billion.
The company saw a notable turnaround, achieving a pre-tax profit of £56 million, marking a significant improvement from the previous year's £78 million loss.
Despite the retail sector facing numerous challenges, John Lewis managed to improve its profitability, thanks largely to an improved gross margin rate and productivity. However, John Lewis sales dipped by 4 per cent to £4.8 billion. Fashion sales, on the other hand, showed positive growth. The brand also achieved a milestone by attracting a record 13.4 million customers.
“We have made significant progress in the last year to return the business to profitability and delivered results that allow us to increase investment in our retail businesses; we expect profits to grow further this year,” said Sharon White, chairman of the John Lewis Partnership.
Fibre2Fashion News Desk (DP)
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