John Lewis profits grow by 60 per cent

Sales boosted by events like the Jubilee and Olympics
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John Lewis has posted 60 per cent profits growth and 13 per cent sales growth for the first half of fiscal 2012.

According to ERT Online, the retailer saw sales helped by a number of unique events being held in the UK, including the Queen’s diamond jubilee, the Olympic Games and the Paralympic Games.

On top of this figures were boosted by the anniversary of the VAT increase which had reportedly depressed sales in the previous year.

“Our rate of growth will remain positive, but will be slower in the second half,” forecast the chairman of the John Lewis Partnership, Charlie Mayfield.

“And with further investment planned in that period to strengthen our business for the longer term, the rapid rate of profit increase is not expected to be carried through to the full year. This is consistent with our long-term commitment to building the Partnership for the future.”

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