Sharp fall in John Lewis profits

John Lewis has reported a sharp fall in profits, despite a 1% increase in like for like sales over the past six months.

Operating profits in its department stores dropped by more than 50%, because of heavy discounting.

John Lewis promises to be "never knowingly undersold", which means it has to match the prices of its competitors.

Charlie Mayfield, the Chairman of John Lewis, told the BBC that the fall in profits was partly down to an increase in investment.