John Lewis Partnership reported a loss before tax and exceptional items of £89m for the 26 weeks to 1 August 2026, up from £34m a year earlier, in its interim results issued 10 September 2026. Partnership sales grew 2% to £6.3bn, but John Lewis-brand sales fell 2% to £2.0bn as "the discretionary market became more challenging." For BHETA suppliers into housewares and home, the results point to a buying environment that remains open to new ranges but increasingly disciplined on cost and margin.
Trading picture: mixed by brand
Waitrose sales grew 4% to £4.3bn, with its adjusted operating profit dipping £7m to £103m (margin 2.6%, from 2.8%) due to heatwave-related running costs and continued investment in lower prices and loyalty.
John Lewis's adjusted operating loss widened to £83m (from £53m), which the retailer attributed to "softer trading, cost growth and our decision to continue investing in the transformation of the brand." Full-price sales at John Lewis actually grew 5.5%, with the headline decline partly reflecting more disciplined promotional and clearance activity rather than a straight demand collapse.
New ranges and store investment continue
Despite the pressure on profit, John Lewis said it introduced "over 100 new brands and products" in the half, alongside a new Sport and Wellness concept and a hospitality proposition called Platter, due to reach 32 cafés and restaurants by the end of 2027.
A £50m store investment programme is under way across Glasgow, Cambridge, Leicester, Reading and Liverpool, and the retailer said stores it has already invested in are "outperforming the wider estate." Partnership-wide investment in brands rose 29% to £246m in H1, with the group on course for around £600m of investment across the full year. Waitrose, meanwhile, launched over 540 new own-brand products as part of its "Home of Food Lovers" strategy - a reminder that own-brand expansion remains a live priority there too.
What suppliers should watch
The retailer said it remains "cautious" for the second half, noting that the majority of annual profit is earned during peak trading. For BHETA members, that suggests buying teams will keep testing new ranges and refreshed store formats - the 100+ new brands figure is a concrete signal of appetite - but will do so with tighter scrutiny on margin, promotional funding and stock discipline than in previous years. Suppliers with propositions aligned to the refurbished stores, the Sport and Wellness concept, or home/food crossover ranges may find a more receptive audience than those pitching purely discretionary, big-ticket items.
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