John Lewis posts leap in first-half profit

Profits at British retailer John Lewis jumped 60 per cent in the first half of the year, after strong sales growth at both the department stores and Waitrose brand.

John Lewis made a pre-tax profit of £144.5m in the six months to 28 July, boosted by the Jubilee and Olympic Games.

Group revenue climbed 8.6 per cent to £3.9bn, up 9 per cent year on year, as both Waitrose and John Lewis increased their market share.

The retail partnership warned that the growth rate will be slower in the second half.

John Lewis has done better than the wider market because its generally more affluent customers have been less impacted by Britain's economic downturn, while improvements to product and service and new modern stores have impressed the consumers.