Published 3 months ago

John Lewis to end £10m pension top-ups as scheme swings to surplus

The John Lewis Partnership, owner of John Lewis department stores and Waitrose supermarkets, will no longer make annual contributions to its pension scheme after it swung into surplus. This move is expected to save the company tens of millions of pounds.
Under the leadership of chair Dame Sharon White and newly appointed chief executive Nish Kankiwala, JLP is taking steps to transform its performance and address substantial financial losses. Their goal is to act swiftly and achieve a turnaround.
Despite facing tough competition and store closures, Waitrose, the supermarket chain owned by JLP, reported a sales rise of 4% for the first half of this year. However, this increase was driven by higher prices, while the actual amount of products sold had fallen.

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BBC News

Lidl blames loss on opening new shops and rising costs

The discount supermarket saw a jump in its sales but says costs increased "across the board"

3 months ago·United Kingdom

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The Independent

John Lewis Partnership says turnaround to take extra two years after £59m loss

The John Lewis Partnership added that investment in its strategy and customers was going to ‘take precedence’ over its annual bonus for staff.

3 months ago·London, United Kingdom

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RTÉ

John Lewis says turnaround delayed by two years

John Lewis Partnership's turnaround will take two years longer than planned and cost more money, the British retailer warned today, as stubborn inflation and rising interest rates batter shoppers and store groups alike.

3 months ago·Ireland

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Shropshire Star

John Lewis Partnership says turnaround to take extra two years after £59m loss

The John Lewis Partnership (JLP) has said the five-year transformation plan launched by the retail group in 2020 will take two years longer than planned as it posted another half-year loss.

3 months ago·Ketley, United Kingdom

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Evening Standard

John Lewis Partnership says turnaround to take extra two years after £59m loss

The John Lewis Partnership added that investment into its strategy and customers was going to ‘take precedence’ over its annual bonus for staff.

3 months ago·London, United Kingdom

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Sky News UK

John Lewis to end £10m pension top-ups as scheme swings to surplus

A series of £10m annual contributions by the embattled owner of Waitrose is to end after the latest triennial valuation of its pension fund, Sky News learns.

3 months ago·United Kingdom

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