March 5, 2020 / 11:33 AM / a month ago

Britain's John Lewis could 'modernise' Never Knowingly Undersold price pledge

LONDON, March 5 (Reuters) - The new chairman of British retailer John Lewis said its Never Knowingly Undersold price pledge could be “modernised” after a strategic review.

Sharon White, former head of UK telecoms and media regulator Ofcom who succeeded Charlie Mayfield last month, launched a review on Thursday as the department stores and supermarkets group reported a 23% drop in annual profit, a third straight fall.

“The review will be looking at how we keep to a really strong, value proposition,” she said when asked by reporters if the Never Knowingly Undersold pledge to match rivals’ prices was sustainable.

“We’ve had fair value as part of our proposition for almost 100 years and fair value will continue to be part of our proposition going forward, whether that’s in a more modernised form or not.” (Reporting by James Davey; editing by Costas Pitas)

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