Premium retailer saw a six per cent increase in sales in the first half of 2025 as new MD and former Tesco exec Tom Denyard takes the reins
The John Lewis Partnership has reported a loss of £34 million in the first half of 2025 after costs from the Extended Producer Responsibility (EPR) packaging levy and a higher National Insurance bill.
Overall group sales, which includes premium retailer Waitrose, were £6.2 billion for the 26 weeks to 26 July 2025, an increase of four per cent YOY, while total revenue grew by five per cent to £5.4bn.
“While we are reporting a loss in the first half, we’re well positioned to deliver full year profit growth, which we’ll continue to invest in our customers and partners,” said chairman of the John Lewis Partnership, Jason Tarry.
Results were significantly impacted by costs not present in the equivalent prior period, according to the group financial statement, including £29m of costs for EPR on packaging.
Waitrose outperformed the market with a six per cent sales increase, and three per cent increase in volumes. The retailer also recorded an increase in customer numbers, with nine per cent more people shopping at Waitrose compared to two years ago.
“Our clear focus on accelerating investment in our customers and our brands is working: more customers are shopping with us, driving sales, and helping Waitrose and John Lewis outperform their markets,” said Tarry.
“The investments we are making, combined with our plans for peak trading, provide a strong foundation for the remainder of the year,” he added.
The Waitrose estate also saw seven major refurbishments during the period, one new convenience store, two new Welcome Break shops, and the announcement of the first large store opening in almost a decade, as well as a new distribution centre.
It comes as the retailer also gained a new MD earlier this month, with Tom Denyard joining from Tesco where he previously worked with Tarry, and held roles including MD of Tesco Online and various food buying positions. He previously worked at Unilever and as head of brand for food at Marks & Spencer.
Speaking about the appointment, Tarry said: ”Tom’s blend of brand, customer, commercial and operational experience make him the ideal person to take the business forward. I’m confident that under his guidance, Waitrose will continue to thrive and innovate, delivering exceptional quality and service to our customers, building on the impressive progress made by James Bailey and the Waitrose team.”
Denyard replaces former MD James Bailey at the end of this month.
