John Lewis Partnership have said that they will continue to cut costs and has outlined new growth strategy which will revive profits. It also plans to extend its partnership with Deliveroo, which delivers shopping in 30 minutes, to more areas.
"The Partnership Plan sees our business continuing to adapt rapidly to changing shopping habits, getting closer to customers online and in-store".
The Partnership plans to launch a new online retail app, grow Waitrose delivery capacity to 250,000 orders per week, and expand in areas "important to our customers" such as rental products and recycling, it said.
All product categories will have a "buy back" or "take back" solution by 2025; all key raw materials in own-brand products will be from sustainable or recycled sources by 2025; and the firm will develop sustainable rental and resale options for customers. It is committed to halve food waste in both its own operations and its supply chain by 2030.
Waitrose said it would spend £1 billion over five years to "accelerate our online business and transform our shops".
Last year, the company said it aimed to secure £100 million in annual savings.
The "Never Knowingly Undersold" price promise remains in place until next year, when the employee-owned business will unveil a new value pledge.
The company also said it is pushing forward with plans to expand into housing, highlighting that it has identified 20 potential sites which could be used for private housing. "And we're now talking to developers and investors who can help us achieve our ambitions".
"Waitrose and John Lewis are two of the country's most trusted brands and we'll offer the best products and customer service on the high street and online".
The announcement comes months after it revealed plans to shut eight John Lewis stores with the loss of 1,300 jobs and the closure of four Waitrose stores in a move which hit 124 jobs. But she stressed that today's plan would see the firm "thrive for the next century, as it has the last".