John Lewis is set to repay a £300m government Covid support loan almost two months early, the retailer said today.
The high street chain also upgraded its profit guidance after stronger than expected sales during the crucial festive season.
“Despite the headwinds of the last year when John Lewis stores were closed for several months, and future trading volatility, the partnership believes it has sufficient liquidity [to repay the loan early],” the company said.
“Trading during the peak, which includes Black Friday and the Christmas period, held up better than anticipated.
“As a result, we expect our full-year profits to be ahead of profit guidance provided at our half-year results last September, where we said the most likely outcome would be for a small loss or a small profit for 2020-21.”