JOHN Lewis said its new employees can “rest assured” amid job fears, after the company revealed a plunge in profits of nearly 15 per cent.

Amid tough trading conditions, the normally stalwart partnership - made up of John Lewis and Waitrose - this month reported pre-tax profits had plummeted to £81.9 million in six months to July 30, as it responded to “a very competitive market.”

Speaking to the Weekly News, a spokesman for the firm said the drop in profits wouldn’t affect the new 90,000 sq ft Bond Street retail store, which is set to open next Thursday.

He said: “The 300 new partners we’ve welcomed to our new Bond Street store should rest assured that John Lewis is committed to playing a key role in Chelmsford for a long time to come.

“These latest interim results will have no affect on the opening of our Chelmsford shop.”

John Lewis “partners”, or shareholders, are its current employees.

During an interview with the BBC last week, the company’s chairman Sir Charlie Mayfield said market conditions were tough and warned of job losses.

He said: “This is a very competitive market. We’re committed to having great service and great prices.

“And then also, we’re taking steps to prepare the business for the future.

“That would mean cutting staff numbers as part of a drive to both improve its financial position and strengthen the appeal of its two well- loved brands.”

To cut costs, the retailer has scrapped plans to open seven new Waitrose supermarkets over the next two years.