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Thursday, 12 September, 2002, 11:52 GMT 12:52 UK
High Street profits see-saw
The front of a John Lewis department store
Profits are down at John Lewis Partnership
Mixed messages are coming from the UK High Street with contrasting results being released by two of the country's biggest retailers.

Next, the clothing chain, reported a 24% rise in profits over the last half year to �93m ($145m). Turnover rose 26%.

Sales at the 255 Next stores that have been open for more than year enjoyed a 7% rise in sales.

The retailer also reported increasing sales for its catalogue business.

Pension costs

However, the John Lewis Partnership, the group which operates 26 department stores and the Waitrose food shops, announced that its pre-tax profits fell to �34m from �44m in the six months to the end of July.

Although John Lewis enjoyed 5% sales growth the group was hit hard by increased costs.

There was a 14% rise in the cost of maintaining the group pension scheme and the cost of store refurbishment also played its part in denting group profitability.

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21 Mar 02 | Business
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