John Lewis turnaround timeframe extended amid fresh losses

Partnership says smaller first-half loss is optimistic sign but recovery plan likely to take two years longer than scheduled

The owner of John Lewis and Waitrose has said its turnaround plan will take two years longer than scheduled, after reporting another loss for the first half of the year.

The John Lewis Partnership (JLP) made a pre-tax loss of 59m for the 26 weeks to 29 July, as it continued to face pressures from higher costs and caution from shoppers during the cost of living crisis.