Interviewed on BBC Radio 4 this morning head of (now rebranded) John Lewis & Partners explained that underlying profits had fallen in the half-year to June by 99 per cent to £1.2 million; department stores made a £19.3 million loss. The fiercest discounting on the High Street in a decade meant they had to price match to live up to their ‘never knowingly undersold’ motto. Sir Charlie added, ‘’We’re continuing to improve our offer for customers while ensuring we have the financial strength to continue developing our business going forward’’.
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