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John Lewis Partnership has posted a 14.7% fall in half-year pre-tax profits to £81.9 million, citing "deep structural changes in the retail market".
After exceptional items, including a £25 million write-down on property assets that it no longer intends to develop, pre-tax profits in the period plunged 75% to £56.9 million.
The group, which also owns Waitrose, said its commitment to competitive pricing, increasing pay and investment held back profits in the six months to July 30.
Chairman Sir Charlie Mayfield said the results were not linked to the EU referendum result.
He said: "We have grown gross sales and market share across both Waitrose and John Lewis, but our profits are down. This reflects market conditions and, in particular, steps we are taking to adapt the partnership for the future."
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