John Lewis says recovery on track as losses narrow

Retail giant John Lewis has said its plans to revive the business are working after its losses over the first half of the year nearly halved.

The partnership - which includes the John Lewis department stores as well as Waitrose supermarkets - reported a loss of £30m, down from a £59m deficit last year.

It said annual profits should be significantly higher than last year, although it warned that the outlook for consumer spending was uncertain.

Sales at its department stores fell in what it called a "challenging market", but revenues at Waitrose grew.

The retailer has been trying to win back customers after a tough few years that has seen it cut jobs and close several stores.

In March, it reported a return to profit for 2023, but also said it would not pay a staff bonus for the second year in a row.