约翰·路易斯上半年税前亏损扩大至1.24亿英镑John Lewis Half-Year Pre-Tax Loss Widens to £124M
英国零售商约翰·路易斯合伙公司（John Lewis Partnership）公布的财报显示，在截至2026年8月1日的六个月内，集团税前亏损由2025年同期的8800万英镑扩大至1.24亿英镑，亏损增幅超过40%。这家旗下拥有36家百货商店与300多家Waitrose超市的员工持股集团指出，业绩下滑主要受到商业运营成本上升、国民保险缴费增加、夏季持续高温抑制实体商街客流以及生活成本压力削弱大件商品消费需求的多重拖累。尽管集团上半年总销售额小幅增长2%至63亿英镑，其中Waitrose超市销售额增长4%至43亿英镑，但百货业务销售额下滑2%至20亿英镑。目前集团仍在推进削减成本与关闭门店的重组转型，百货业务负责人Peter Ruis也于近期离职并由前River Island负责人Will Kernan接替，管理层正寄望于包含圣诞旺季在内的下半年关键交易期扭转盈利局面。
The John Lewis Partnership reported that its pre-tax loss for the six months to August 1 widened by more than 40% to £124m, up from £88m in the same period in 2025. The employee-owned retailer, which operates 36 department stores and over 300 Waitrose supermarkets, attributed the deepening shortfall to climbing business costs, higher national insurance contributions, and an ongoing turnaround investment. Trading conditions also deteriorated over the summer as successive heatwaves kept shoppers away from high streets and persistent cost-of-living pressures constrained consumer spending on big-ticket goods like furniture. Total half-year revenue edged up 2% to £6.3bn, driven by a 4% sales increase to £4.3bn at Waitrose, which offset a 2% decline to £2bn across the department store division. The weaker performance coincides with leadership changes following the departure of department store head Peter Ruis and his replacement by former River Island boss Will Kernan, as the group counts on the crucial second-half Christmas trading period to generate the bulk of its annual profit.
01上半年财务表现与亏损扩大Half-Year Financial Performance and Widening Losses
约翰·路易斯合伙公司发布的最新半年度业绩显示，在截至2026年8月1日的六个月内，该集团税前亏损达到1.24亿英镑。与2025年同期录得的8800万英镑亏损相比，整体亏损规模扩大了40%以上。这一财务表现反映出该员工持股零售商在今年上半年面临的运营与市场压力加剧。
The John Lewis Partnership’s latest half-year financial results showed that pre-tax losses reached £124m for the six months to August 1, 2026. The figure marks a widening of more than 40% compared with the £88m loss recorded in the same period in 2025, illustrating the intensified operational and financial hurdles confronting the employee-owned retail group during the first half of the trading year.
在收入端，集团上半年总销售额呈现微弱增长态势，较2025年同期上升2%至63亿英镑。尽管整体销售额略有提升，但持续扩大的亏损表明，营收增幅未能抵消业务转型开支以及各类经营成本上涨带来的财务冲击。今年3月，集团曾基于上一年度底层利润增长6%的成绩，向旗下6.9万名员工发放了占薪资2%、总额达3500万英镑的奖金，但随后半年的盈利状况出现明显回落。
On the top line, total half-year revenue across the group edged up 2% year-on-year to £6.3bn. However, the modest sales gain was insufficient to absorb the combination of transformation investments and broader operational cost increases. The widening deficit also marks a sharp shift from earlier in the year: in March, following a 6% rise in underlying profit, the partnership paid its 69,000 workers a 2% staff bonus totaling £35m—their first bonus in four years—before trading conditions tightened over the summer.
持续推进转型的投资、更具挑战性的贸易环境以及不断上涨的商业运营成本。
continued investment in our transformation, a more challenging trading environment and the increased costs of doing business
Jason Tarry，约翰·路易斯合伙公司主席Jason Tarry, chair of John Lewis Partnership
02业务分化：Waitrose增长与百货部门下滑Divisional Divergence: Waitrose Growth vs. Department Store Decline
约翰·路易斯合伙公司旗下的两大核心零售分支在今年上半年表现出明显的走势分化。作为集团主要收入来源的超市业务表现优于百货板块，Waitrose超市在六个月内的销售额增长4%，达到43亿英镑，成为拉动整个集团实现2%营收增幅的主要动力。
The John Lewis Partnership’s two primary trading arms experienced a clear divergence in performance during the six months to August 1. The group's supermarket business outperformed the department store division, as Waitrose posted a 4% rise in half-year sales to £4.3bn, providing the primary momentum behind the group's overall 2% top-line revenue expansion.
百货连锁业务在同期遭遇阻力，其实体商店与线上渠道的总销售额下滑2%，降至20亿英镑。与销售必需食品杂货的Waitrose相比，John Lewis百货业务更容易受到非必需消费疲软与商业街客流波动的直接冲击，两个部门之间23亿英镑的收入差距反映了当前英国不同零售门类的需求分化。
By contrast, the department store division saw its trading contract over the same six-month window, with total sales declining 2% to £2bn. Unlike the grocery chain, which benefits from essential food and household spending, the John Lewis department store business faced sharper exposure to softening non-essential consumer demand and volatile high street footfall, establishing a £2.3bn revenue gap between the two retail operations.
03成本上涨与外部客流抑制因素Rising Operating Costs and Footfall Headwinds
约翰·路易斯合伙公司表示，上半年财务压力加剧受到多重内部运营成本上升与外部环境变化的共同制约。在企业经营端，雇主国民保险缴费标准的提高直接加重了集团的用工支出负担，同时集团还承担了应对夏季多轮高温天气所产生的额外运营维护开支。
The John Lewis Partnership stated that mounting financial pressures during the first half were driven by a convergence of rising operational overheads and adverse trading conditions. On the cost side, the retailer faced higher business expenditures, including increased national insurance contributions for its workforce, alongside the operational expenses required to manage retail operations through multiple summer heatwaves.
除了成本端承压，外部客流下滑与消费者支出意愿走低构成了另一重主要阻力。今年夏季连续出现的异常高温天气阻碍了大量消费者前往商业街实体门店选购，不少顾客转而选择垂直专业电商平台。与此同时，英国持续的生活成本压力抑制了居民对大件非必需品的消费意愿，导致百货部门的沙发、床具等核心高单价家居品类销售表现疲软。
External footfall headwinds and shifting consumer habits compounded those operating cost pressures. Consecutive heatwaves over the summer deterred shoppers from visiting physical high street stores, prompting many consumers to turn to specialist online retailers instead. In addition, ongoing cost-of-living constraints dampened consumer confidence and restricted household budgets, directly curbing discretionary expenditure on big-ticket merchandise such as beds and sofas across the department store network.
04高管变动、转型重组与下半年展望Leadership Changes, Turnaround Plan, and Second-Half Outlook
在经历上半年的业绩承压之际，约翰·路易斯合伙公司正在对高管团队与门店网络进行调整。百货业务负责人Peter Ruis在上月宣布卸任，其在任时间不足三年，该职位已由前时尚零售连锁品牌River Island负责人Will Kernan接手。在此次人事调整之前，集团持续推行削减成本的业务转型计划，截至目前已关闭了16家John Lewis百货商店和至少20家Waitrose超市，并削减了数千个员工岗位。
Alongside its first-half financial strain, the John Lewis Partnership is undergoing significant senior leadership adjustments and operational streamlining. Peter Ruis stepped down last month as head of the department store arm after less than three years in the role, replaced by Will Kernan, the former boss of fashion retail chain River Island. This executive succession comes amid a sweeping turnaround program that has already seen the closure of 16 John Lewis department stores and at least 20 Waitrose supermarket outlets, alongside the redundancy of thousands of staff positions.
随着Debenhams与Beales等百货连锁相继关门，以及Harvey Nichols被Sports Direct所有者Mike Ashley收购，John Lewis成为英国少数仍在运营的全国性百货公司之一。面对零售业重组潮，该集团表示已为包含圣诞交易旺季在内的下半年做好充分准备，通常情况下，全年的主要利润正是来自这一关键阶段。
The restructuring unfolds against a contracting national retail landscape: John Lewis remains one of the few surviving nationwide department store chains in the UK following the collapse of Debenhams and Beales, while peer Harvey Nichols was bought out of administration by Sports Direct owner Mike Ashley. Despite the challenging retail environment, the partnership stated that it is well prepared for the second half of the trading year, an essential window that encompasses the peak Christmas shopping period when the group historically delivers the bulk of its annual profit.