UK's John Lewis's first-half profit slumps 99 percent

LONDON, Sept 13 (Reuters) - Britain's John Lewis Partnership reported a 99 percent slump in first-half profit on Thursday, as it was hit by price matching in its department stores and a shift towards sales of lower-margin electronics from big-ticket home items.

For the six months to July 28 the employee-owned group, which rebranded its department stores as John Lewis & Partners and its supermarket chain as Waitrose & Partners last week, made a profit before exceptional items of 1.4 million pounds.

The partnership warned in June that first-half profits, which are always much lower and volatile than the second half, would be close to zero.

It said it expected its full-year profit to be "substantially lower" than last year for the group as a whole.