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Iconic retail bellwether shows strain of credit crunch

Profits at department store and supermarket chain John Lewis have tumbled by more than a quarter in the first six months of the year, providing the clearest evidence yet that the credit crunch and economic slowdown are biting.

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MARK SMITH, Deputy Business Editor

Profits at department store and supermarket chain John Lewis have tumbled by more than a quarter in the first six months of the year, providing the clearest evidence yet that the credit crunch and economic slowdown are biting the middle classes where it hurts them most.