John Lewis warns of ‘volatile’ economy despite record Black Friday sales

A record Black Friday helped John Lewis publish strong development in the increase to Christmas however the worker-owned store cautioned intense competition along with a “volatile” economy would weigh on its full-year results.

Sales at John Lewis Partnership, including Waitrose, rose 2.5pc close to £2bn within the six days to December 30, boosted by 3.6pc growth at its mall chain.

Black Friday was the greatest day’s sales in John Lewis’s history, with revenues that week up 7.2pc year-on-year. Electricals rose 5pc over the period, and garments improved by an identical amount, but homeware dipped .3pc.

The partnership’s top line growth was pulled lower with a slower expansion at Waitrose, where sales at stores open several year rose 1.5pc. JLP said when the time had incorporated New Year’s Eve, because it did this past year, like-for-like growth would be for sale 2.1pc.

The supermarket’s sales were boosted by the popularity of Heston Blumenthal’s “Citrus Sherbet Lazy Gin”, because it offered a month’s price of stock in a single day.

However the store warned its financial obligations were growing in accordance with cashflow and it is chairman Mister Charlie Mayfield stated: “Searching ahead to 2018/19 we predict buying and selling to become volatile because of the economic atmosphere and anticipate that competitive intensity continues, driven through the structural changes happening within the retail industry.”

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