The John Lewis Partnership has revealed it slumped to a £99 million loss in its first half after facing “unprecedented” cost hikes and cautioned over a “highly uncertain” end to the year.
The retail giant announced a £500 one-off payment to staff as part of a £45 million package to support workers in the cost-of-living crisis, as well as moves to increase the entry level pay for employees by 4%, which will cost it £10 million over the second half.
Details of the payout came as the group revealed widening pre-tax losses for the six months to July 30, from a £29 million loss a year earlier. Dame Sharon White, chairman of the John Lewis Partnership, said: “No one could have predicted the scale of the cost-of-living crisis that has materialised, with energy prices and inflation rising ahead of anyone’s expectations.
