John Lewis Partnership warns No Deal Brexit will hurt

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John Lewis Partnership
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Releasing its half-year results to July 27 2019, the John Lewis Partnership warns that it expects a No Deal Brexit to have a significant impact on the business and it is hedging currency and stockpiling in preparation. Anna Tobin reports

Recording its first half-year loss, Sir Charlie Mayfield, partner and chairman of the John Lewis Partnership, wrote in the results statement:  “Should the UK leave the EU without a deal, we expect the effect to be significant and it will not be possible to mitigate that impact. In readiness, we have ensured our financial resilience and taken steps to increase our foreign currency hedging, to build stock where that is sensible, and to improve customs readiness. However, Brexit continues to weigh on consumer sentiment at a crucial time for the sector as we enter the peak trading period.”

An independent review, reported within the John Lewis Partnership half year results, stated: “Uncertainties related to the effects of Brexit are relevant to understanding our review of the condensed financial statements. Brexit is one of the most significant economic events for the UK, and at the date of this report its effects are subject to unprecedented levels of uncertainty of outcomes, with the full range of possible effects unknown. An interim review cannot be expected to predict the unknowable factors or all possible future implications for a company and this is particularly the case in relation to Brexit.”

Read the full trading results here

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