City piles on the woes for Debenhams

Debenhams’ shares plunged to a new low last week amid growing concerns in the City about its performance.

City piles on the woes for Debenhams

When the department store retailer was floated last May its share price was 195p; last week it stood at just 94.75p.

In last month’s trading update for the year to September 1 Debenhams said sales had increased 5.1% compared to the previous year, but that like-for-likes had seen a 5% decline.

The retailer also warned that clearing out stock in advance of the arrival of new-season merchandise would require increased markdown and that the year’s gross margin would show a decline in the region of 0.9%.

Debenhams will report its preliminary results for the 52 weeks to September 1 on October 23.

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