John Lewis shares soar despite sales concerns

Technology helps boost retailer despite impact of credit crunch
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John Lewis saw its shares jump 17 per cent on Friday, despite a fall of 2.8 per cent in sales compared to the same time last year, with the retailer stating that growth in imaging and computers had tempered the decline.

Boosted by sales driven largely by Father's Day, the retail group said that aside from televisions, technology including imaging and computers had helped to stem the decline its home department was seeing.

"Although vision sales lagged behind, there was good growth in imaging – continuing a good run – and computers also grew well on last year," said John Lewis director of selling operations Dan Knowles.

Shares were also boosted by the recent opening of its new Liverpool store, as reported by PC Retail on Thursday. John Lewis is confident that the store, which is 20-times the size of the previous store and hosts its flagship technology section, will boost its bottom line and help to further prevent erosion in sales.

"There's no doubt that trade remains tough, but all indications are that John Lewis is well placed and we will continue to take share from our competitors," added Knowles.

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