Traditionally the more profitable part of the group, margins at John Lewis department stores have taken a slide over the past couple of years.

Operating profit before bonus and exceptional items fell 65.6% to £39.5m, down from an already reduced £114.7m a year ago. Last year there were charges of £123m against the division, reflecting shops “playing less of a role in driving online purchases”. Gross sales fell 2.1% and like-for-like sales by 1.8%.

At grocer Waitrose, results were more encouraging. Operating profit (before bonus) reached £211.9m, up 6.4%. Like-for-like sales edged down 0.2%. Following a handful of store closures, the food business appears to be performing well in a tough trading environment. Profitability at Waitrose has overtaken that of the rest of the business.