John Lewis has pledged its commitment to moving ahead with planned supply chain investments as it seeks to strengthen its financial position.

The company has published its financial results for the first six months of 2016, during which it experienced a 2.2 per cent year-on-year increase in revenues to reach a total of £4.7 billion. However, its profit before tax figure was down 14.7 per cent to £81.9 million.

This was attributed to changes in the evolving retail market, with consumer habits continuing to see considerable transformation, including a growing focus on online services and convenience.

Increased investment in IT and higher supply chain costs for its Waitrose brand were key factors behind the drop in profits, but the company confirmed that it will not be easing up its spending in these areas.

Indeed, it stated that a greater proportion of investment will be committed towards IT and supply chain improvements, as both areas have been deemed "critical to improving service and convenience".

Sir Charlie Mayfield, chairman of the John Lewis Partnership, said: "Our ownership structure makes it especially important that we manage the partnership carefully and thoughtfully for the long term, and our plans anticipate the impact of these bigger changes."