Set your watch, then, for about half a decade’s time. Three years into an expensive five-year turnaround programme, the John Lewis Partnership says it will need an extra two years to arrive at the sunny uplands of a £400m annual profit.
The figure is its definition of a “sustainable” return, meaning one that allows it to invest at a decent pace and pay the staff (or partners) a reasonable annual bonus. The grand day was meant to arrive in the 2025-26 financial year; now it’ll be 2027-28. The blame is pinned on cost inflation and heavier than expected spending on technology.
