ACCOUNTING TREATMENT FOR INVESTMENT

According to the department store’s commercial director, the new e-commerce drive is “a bit of a race with M&S” as both retailers go head-to-head to reach ?1 billion in online sales.

“Everyone is talking about getting to ?1 billion in the UK. We are targeting that in a couple of years.” Commercial director Andrea O’Donnell told press this week.

Over the next few months John Lewis will prepare to start selling across the globe, to countries including the US and Australia thanks to a revamped website representing an investment in the “multiple millions” by the department store, which, according to O’Donnell will make money from the venture “without a shadow of a doubt”.

The employee-owned company will start serving US customers by the end of August. For the time being the business is focusing on expatriates and “John Lewis ‘warm’ shoppers who live outside the UK”, said O’Donnell.

John Lewis this week began delivering to France and Ireland. Delivery to eleven other European countries, including Germany, Spain, Italy, Portugal and Greece, will follow by the end of June. By the end of August, as well as the US and Australia, the store chain will also be able to deliver to Canada, Singapore, Norway and the rest of the European Union.

According to Telegraph today, John Lewis Partnership has made more than ?200m from the retailer's investment in online grocery company Ocado. Read more on Telegraph

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