Business, Economics, Stock markets, FTSE, John Lewis, OpenAI, European Central Bank Business | The Guardian
Rolling coverage of the latest economic and financial news, as John Lewis says it is on track for ‘significantly higher’ full year profitsRetail analyst Nick Bubb has dug into John Lewis’s results, and reports:We are delighted that JLP has at last gone back to its previous policy of allocating central and property costs against the two Divisions, so that the operating profit splits are now much more realistic.We are, however, very surprised that Waitrose was much less profitable than we thought on this basis last year and that John Lewis was therefore much more profitable than we’d thought: the adjusted operating margin at John Lewis of 1.7% last year (on ex-VAT sales) was actually higher than the 1.5% achieved by Waitrose (despite its H2 recovery.As a result, we are confident that full year pre-exceptional profits should be significantly above the £42m we reported in 2023/24. Continue reading…
Rolling coverage of the latest economic and financial news, as John Lewis says it is on track for ‘significantly higher’ full year profits
Retail analyst Nick Bubb has dug into John Lewis’s results, and reports:
We are delighted that JLP has at last gone back to its previous policy of allocating central and property costs against the two Divisions, so that the operating profit splits are now much more realistic.
We are, however, very surprised that Waitrose was much less profitable than we thought on this basis last year and that John Lewis was therefore much more profitable than we’d thought: the adjusted operating margin at John Lewis of 1.7% last year (on ex-VAT sales) was actually higher than the 1.5% achieved by Waitrose (despite its H2 recovery.
As a result, we are confident that full year pre-exceptional profits should be significantly above the £42m we reported in 2023/24.
