29th Apr 2020 07:38
(Alliance News) - John Lewis Partnership is to name a former J Sainsbury's PLC executive as the new boss of Waitrose, Sky News reported late on Tuesday.
James Bailey, who spent 18 years at Sainsbury's and was most recently its grocery buying director, left the FTSE 100 supermarket chain back in July.
Bailey is set to be named as the new head of Waitrose on Wednesday, the broadcaster added.
https://news.sky.com/story/waitrose-to-name-ex-sainsburys-executive-bailey-as-new-boss-11980157
The news comes after John Lewis announced it will embark on a strategic review following a third consecutive year of falling profit.
Its March annual report showed profit before bonuses, tax, exceptional items, and accounting changes for the 52 weeks to January 25 was down 23% to GBP123 million, though the statutory figure rose 25% to GBP146 million.
The company's revenue was 1.6% lower at GBP10.15 billion.
"This is a weaker performance than we had hoped for, driven by significantly reduced profitability in John Lewis. Despite a solid performance in Waitrose, it is our third year of declining profit across the Partnership as a whole," said Chair Sharon White back in March.
By Eric Cunha; [email protected]
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