John Lewis has made an early repayment of a £300 million HM Treasury and Bank of England Covid Corporate Financing Facility.

John Lewis Partnership said in a statement: “Despite the head winds of the last year when John Lewis stores were closed for several months, and future trading volatility, the partnership believes it has sufficient liquidity going forward.”

The partnership has also revealed that sales over the Black Friday and Christmas trading period held up better than expected. As a result, it now expects its full-year profits to be ahead of the profit guidance provided at its half-year results in September. At the time, the partnership said it was likely to make a small loss or a small profit for the 2020/21 financial year.