Russ Mould, investment director at AJ Bell, believes Christmas will be a crucial period for John Lewis.
He said: “The tentative recovery at John Lewis is now looking as fragile as one of its teapots as the company blames summer heatwaves for a slump in trading.
“Pre-tax losses more than doubled in the first half of the year and that will ramp up the pressure ahead of the all-important Christmas season as the company looks to claw back profit in the second half.
“Waitrose is the main bright spot but is not sufficient to make up for the weakness elsewhere.
“People are already putting off big discretionary purchases, and energy prices and rising mortgage costs could bite for households heading into autumn and winter.
“John Lewis’ chair, Tesco alumni Jason Tarry, has a plan to revive the business but after the shock of the pandemic and the post-Covid cost-of-living crisis, this storied name in UK retail faces yet another big test.”
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