John Lewis has countered the downward trend in retail after reporting a rebound in the sales of the company last week as it matches the pre-Christmas promotions of its rival.
The department store said that the total sales for the week to the 15th of December were up by 1.8 percent as compared to the same period during the previous year.
The employee-owned firm said that the boost in sales was attributed to the price-matching discounts and increased business from the customers shopping for Christmas decorations and gifts.
The upward trend flouts a dismal outlook across the retail sector, as the disappointing pre-Christmas sales have intensified the woes of the high street.
The figures were released after a disastrous day for the fashion stocks of Europe, which spiralled yesterday after a profit warning that was released by Asos, an online fashion brand.
The most recent figures is expected to be reassuring for John Lewis, which has observed several weeks of declining sales. The chain was not able to keep up its record performance during Black Friday, when it reported an increase of 7.7 percent in its sales.
The penultimate Christmas shopping week brought in an increase of 9.3 percent in fashion sales which was boosted by price-matching promotions.
Beauty, wellbeing and leisure sales rose by 15.7 percent, while menswear and womenswear saw an increase of 7.2 percent and 8.5 percent respectively.
However, the department store is still enduring tough retail conditions as it struggles to match the discounts that are offered by some of its competitors.
Last September, the chain reported a decline of 99 percent in its profits. Sir Charlie Mayfield, the chairman of the company, described the market as the “most promotional we’ve seen in almost a decade.”