John Lewis has reportedly experienced a shortfall in sales during the crucial Christmas trading period, as middle-class consumers increasingly turn to retailers such as Marks and Spencer. The Daily Telegraph reports that Waitrose also failed to meet its sales targets.
The John Lewis Partnership (JLP) attributed this to "lower consumer confidence and weaker than expected market confidence" during the month leading up to 21 December, as well as the fact that this trading period did not coincide with the pre-Christmas shopping rush, as reported by .
Despite this, the company stated it had outperformed competitors and staff should be "proud of our performance".
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In contrast, M&S reported an increase in sales over the same period. Earlier this year, Marks and Spencer announced group sales had risen by 5.6 per cent over the 13 weeks to 28 December, with food sales increasing by 8.9 per cent.
However, clothing and home sales struggled, rising just one per cent. Nevertheless, the retailer noted it had seen some of its busiest trading days ever during this period.
The disappointing festive trading results for John Lewis will be viewed as a setback to its significant turnaround efforts, which began under the leadership of Tesco veteran Jason Tarry as chair, who took over during a tumultuous period under previous chair Dame Sharon White.
The high street giant reduced its workforce by 153 roles last September and made a multimillion-pound investment in technology and significant internal store changes.
John Lewis has reinstated its famous "never knowingly undersold" price promise, a commitment previously set aside by White. The high-street stalwart has disclosed a pre-tax profit of £56 million for the last year, indicating a significant £290 million upturn from the previous year.
City AM has reached out to John Lewis for a statement.