UK retailer John Lewis expressed confidence that the it would return to profit this year. This optimistic outlook comes amid the company's strategic plan to cut up to 11,000 jobs as part of its ongoing turnaround efforts.
Last year, John Lewis faced a substantial setback, incurring a £234 million loss. The retailer is contemplating reducing its staff by at least 10% over the next five years. In addition to job cuts, the company is actively working to trim £900 million in costs from its operations.
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The company has undergone substantial changes in the past year, but these efforts are beginning to manifest in improved commercial performance: 'We are converting more of our sales into return to partners, and we will more than breakeven this year, which is a great start as we build back to sustainable profit for the business,' John Lewis chair Dame Sharon White says.
Source: www.retailgazette.co.uk