UK's John Lewis has seen stock delays due to Red Sea crisis
Reuters
Published Mar 14, 2024 12:06
Updated Mar 14, 2024 23:30
LONDON (Reuters) - The John Lewis Partnership has seen some delays to stock arrivals and a rise in freight charges due to the Red Sea disruption, the British retailer's finance chief said.
Iran-aligned Houthi militia have attacked ships in and around the Red Sea, slowing trade between Asia and Europe.
"This is a global issue, so like everybody else in the industry we have seen some delays with some of the stock arriving and freight charges a bit going up," Bérangère Michel told reporters on Thursday.
She said the partnership was working closely with suppliers.
"We tend to have long-term strategic relationships with suppliers, it's a feature of who we are and in those moments helpful in providing the best offer for customers," she said.
Michel was speaking after the partnership, which runs John Lewis department stores and Waitrose supermarkets, reported a return to annual profit thanks to improved trading in its food business and cost savings.
She said the Red Sea disruption did not materially impact its year to Jan. 27 results.
Several major UK clothing retailers, including Next, Pepco Group, Primark and Matalan, have cautioned on the potential impact of disruption to Red Sea shipments.
On Wednesday, Adidas (ETR:ADSGN) flagged shipment delays of two to three weeks due to the crisis.
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Written By: Reuters
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