June 27, 2018 / 8:57 AM / 9 months ago

John Lewis Partnership sees substantial fall in 2018-19 profit

LONDON, June 27 (Reuters) - Britain’s John Lewis Partnership warned on Wednesday that profit for its 2018-19 year would be “substantially” below the previous year’s level, hurt by expected declines in its department stores business.

The group, which is owned by its 85,000 workers, runs John Lewis department stores and the upmarket Waitrose supermarket chain.

While it forecast that Waitrose’s profit would grow over the year, this would be offset by declines in its department store business plus a drag from the significant extra costs of investing in I.T. systems.

The partnership in March reported a 22 percent drop in core profit to 289 million pounds for its 2017-18 year. (Reporting by James Davey, writing by Sarah Young, editing by Paul Sandle)

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