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But the high street giant has now inserted a clause that promises to match prices only where its rivals offer the same level of guarantee.
And that's not all - the famous John Lewis price promise will not be honoured where a rival store charges for delivery.
According to the Daily Mail, a survey found that John Lewis refused to refund the price difference when a Hotpoint washing machine was found to be £60 cheaper at Argos.
The reason? Argos offers only a one-year guarantee compared to the two years John Lewis includes.
It was a similar story on other electrical items, including an Acer Aspire Laptop (£49 cheaper at Currys) and a Samsung TV which was some £58 cheaper at Best Buy.
Consumer watchdog Which? believes the slogan is misleading. Spokesman Sarah Dennis told the Daily Mail: "The store prides itself on customer service, so you would expect such a change to be flagged up clearly.
"The slogan implies a price promise."
John Lewis, however, claim the clause, which was first included in September last year, simply clarifies its policy on refunds and will put an end to inconsistencies.
A spokeswoman for the store said: "Historically, there were inconsistencies in branches on refunds, so we decided to clarity the perimeters of the Never Knowingly Undersold promise."
What do you think? Is the John Lewis price promise misleading? Let us know below...