John Lewis recovery plan to take two years longer

John Lewis has said its plan to return to profit will take two years longer after it reported further losses for the first half of the year.

The High Street giant, which also owns Waitrose, said rising business costs and larger than expected investment requirements meant that its recovery plan would not be finished until 2028.

The group's pre-tax losses narrowed to £59m for the first half of 2023.

It said its modernisation plans would "take precedence" over staff bonuses.