September 13, 2018 / 6:20 AM / 7 months ago

John Lewis's first-half profit slumps 99 pct

LONDON, Sept 13 (Reuters) - Britain’s John Lewis Partnership reported an 99 percent slump in first-half profit on Thursday, as it was hit by price matching in its department stores and a shift towards sales of lower-margin electronics from big-ticket home items.

For the six months to July 28 the employee-owned group, which rebranded its department stores as John Lewis & Partners and its supermarket chain as Waitrose & Partners last week, made profit before exceptional items of 1.4 million pounds.

The partnership warned in June that first half profits, which are always much lower and volatile than the second half, would be close to zero.

It said it expected its full-year profit to be “substantially lower” than last year for the group as a whole. (Reporting by Paul Sandle; editing by Sarah Young)

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