Wednesday, September 20, 2017

Debenhams reports slow growth in yearly results

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Debenhams has revealed its full year results reporting a 0.6 per cent increase in sales compared to last year.

In the 53 weeks to September 3 group revenue for the retailer increased marginally by 0.8 per cent to £1931,9 million, but EBITDA slumped by 2.2 per cent to £233.4 million.

Pre-tax profits for the year also edged up by 0.5 per cent to £114.1 million, in line with expectations.

The retailer appointed new boss Sergio Bucher just 10 days prior to releasing its full year results, putting pressure on the ex-Amazon fashion chief.

READ MORE: Debenhams’ new boss faces scrutiny over growing pensions deficit

Bucher said he will update the market on his longer term plans for the department store chain in spring 2017.

Earlier this year the retailer spoke out against uncertain trading conditions, leading to a decline in demand for clothing.

“We have delivered profits in line with market expectations, reflecting a strong performance over peak followed by a tougher second half trading environment,” chairman Sir Ian Cheshire said.

“Our strategy to rebalance the business towards non-clothing has supported our performance, with strong progress in beauty, gifting and food.”

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