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John Lewis hopes to see profits recover within “three to five years”

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John Lewis has claimed that it hopes to see a return to pre-coronavirus profit levels within the next “three to five years” in its latest strategic update.

This news comes after the company announced earlier this month that eight of its UK stores would remain permanently closed after they were shut as part of the country’s lockdown.

“The strategic review should see green shoots in our performance over the next 9-12 months, and our profits recovering over the next three to five years,” an update from John Lewis partner and chairman Sharon White said.

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In the update she aimed to highlight “five important areas where we will focus our efforts over the coming months”.

White said the partnership should be driven by purpose, with themes of tackling inequality, of wellbeing, and sustainable living at its core.

She also said it will simplify how it works, strengthen its retail platform, expand to offer more services, and partner with other businesses in order to grow.

White concluded the update to John Lewis partners: “I am very conscious that a strategy – unless it is supported by partners and is well executed – is just another piece of paper. It is how we deliver on the plan and the commitment from all partners that will make the difference.”

The company’s financial calendar reveals that its half-yearly financial report can be expected in September.

Read more below on John Lewis’s decision to close eight stores and cut around 1,300 jobs:

John Lewis shutters eight stores as virus accelerates its move towards online

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