John Lewis goes back to basics in bid to catch Marks & Spencer [Yahoo! Finance]
DUNELM GROUP PLC U/ADR (DNLMY)
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Source: Yahoo! Finance
The truth was “we didn't really deliver” under earlier turnaround plans, the partnership chief executive told staff, without explicitly naming the architect of those earlier plans. Performance across John Lewis and Waitrose stores just “wasn't strong enough”, Kankiwala said in a video sent to staff viewed by The Telegraph. “Therefore, we've not been able to invest in our partners and invest in our business.” Kankiwala, a former Hovis and Burger King executive, was brought in to right the ship at John Lewis a year ago after a string of loss-making years. His solution has been to go back to basics. Rather than racing to diversify into new areas such as housing and financial services – core to Dame Sharon's goal of generating 40pc of profits from outside retail by 2030 – John Lewis would instead refocus on what it does best: selling things. “Fundamentally, we're going to laser-focus on retail,” Kankiwala told staff. “We're going to be a brilliant retailer… It is so critical th
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