Following today’s release of John Lewis & Partners’ figures for the year ending 31 January 2026; Zoe Mills, head of UK retail at GlobalData, a leading intelligence and productivity platform, offers her view: “An extra week in FY2025/26 has helped John Lewis & Partners to return to annual sales growth for the first time in four years which is impressive considering the tough retail market and fragile consumer confidence. Total trading sales increased 3%, reaching £4.9m and adjusting operating profit significantly improved, up £15m to £58m, driven by disciplined financial management.
“John Lewis has focused on its core retail offer in the past year, heavily promoting its Never Knowingly Undersold price matching pledge (which it brought back in September 2024) to win back shoppers and drive loyalty. The retailer has moved away from the diversification strategies of recent years withdrawing from its Build-to-Rent business, allowing it to concentrate fully on reinforcing its status as the foremost department store in the UK. The enhancements made to its department store operations, combined with strong performance in its Waitrose division (where profits increased by £29m), have led to a 2% Partnership Bonus – the first time a bonus has been awarded in three years.
“In the first half of the year, John Lewis’ technology division was the key driver of its impressive results and while we do not yet have details of full year segment performance, this category is likely to have remained resilient throughout. John Lewis’ investment in making its technology department more accessible for those less familiar with tech jargon has been crucial in maintaining its appeal among older generations – in 2025, 31% of John Lewis electrical shoppers were 65 or older, according to GlobalData Retail’s How Britain Shops survey of 9,000 respondents.
“Prospects for the Fashion segment, including beauty, look positive as this category experienced growth in H1, primarily driven by the beauty sector. The retailer has wisely given more space in its stores to beauty, including recently in the refurbishment of its Bluewater location in Kent. It must continue to enhance and develop beauty services offered in its stores to bolster dwell time and capitalise on the desire for to receive a personalised experience when shopping this category. Boots will continue to pose a significant threat as it expands its brand coverage therefore John Lewis must consistently curate collections of niche and emerging brands to maintain appeal and attract a younger audience.
“In February 2026, John Lewis launched its partnership with Topshop and Topman, marking the return of the brands to physical stores nationwide (Topshop is also in Liberty in London). Through this collaboration, John Lewis has an opportunity to boost its fashion credentials and broaden its appeal to a wider cohort of shoppers. The brand taps into nostalgia among millennials, while perhaps being trend-forward enough to also appeal to young shoppers if marketed well.“
