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John Lewis raises sales guidance Wednesday, 16th May 2012
Photo credit: My Retail Media
Britain’s biggest department store group has raised its sales guidance, but director emphasises ‘long, slow, steady recovery’.
John Lewis managed to outperform a flat retail market, with sales up 12.2 per cent for the first quarter to 28 April, equating to like-for-like growth of around 7 per cent.
Speaking in light of the results on Wednesday, John Lewis retail director Andrew Murphy told Reuters: "My gut feel is a long, slow, steady recovery that at certain points will look like a non-recovery and at other points might feel, like it has for us in the last few months, OK."
Adding, "But I suspect in five years time we'll look back and we'll see a very gentle gradient upwards."
John Lewis trades from 29 department stores across the UK, in addition to eight ‘at home’ stores and online platforms.