John Lewis chair warns profits squeezed by ‘really tough’ trading

John Lewis Partnership chair Jason Tarry has warned staff that worsening trading conditions are putting pressure on profits.
Tarry told the employee-owned group’s internal magazine that it was preparing for a period of “lower sales and higher costs”, with the outlook having deteriorated more sharply than expected over the past six months.
He said teams were reviewing the Partnership’s plans in response to the tougher environment, although a person close to the business sa