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Business and Money John Lewis follows M&S as victim of credit crunch with big drop in sales

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Last Modified: 04 Jul 2008
By: Sue Turton

John Lewis is the latest high street retailer to reveal declining sales, as consumer spending drops off in the face of high fuel and food bills.

Describing trade as "challenging" the group posted sales at its out of town stores down 8.3 per cent.

The extent of the squeeze on consumer disposable income was revealed by Ernst and Young survey showing the average household is 15% worse off now than it was five years ago.

After Marks & Spencer also reported lower sales figures last Wednesday, Ernst and Young warned that the squeeze on consumers could get even worse later in the year.

Photograph by Dan Lockton

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