John Lewis defies retail troubles as it reports festive sales rebound
John Lewis has bucked the downward retail trend, reporting a rebound in sales last week as it matches rival pre-Christmas promotions.
The department store said total sales for the week to 15 December were up 1.8 per cent compared to the same period last year.
The employee-owned company said the sales boost was due to price-matching discounts and increased business from customers shopping for Christmas gifts and decorations.
The upward trend defies a sombre outlook across the retail sector, as disappointing pre-Christmas sales have compounded high street woes.
The figures come after a disastrous day for European fashion stocks, which spiralled yesterday following a profit warning from online fashion brand Asos.
The latest figures will be reassuring for John Lewis, which has seen several weeks of falling sales. The chain was unable to keep up its record performance during Black Friday, when it reported a 7.7 per cent rise in sales.
The penultimate Christmas shopping week brought a 9.3 per cent increase in fashion sales, boosted by price-matching promotions.
Beauty, wellbeing and leisure sales soared 15.7 per cent, while womenswear and menswear saw a rise of 8.5 per cent and 7.2 per cent respectively.
However, the department store is still contending with tough retail conditions as it scrambles to match discounts offered by its competitors.
In September the chain reported a 99 per cent fall in profits. Chairman Sir Charlie Mayfield described the market as the “most promotional we’ve seen in almost a decade”.