The tough retail conditions have seen pre-tax profits at Debenhams fall 16%.
In the year to August 30 they dropped to £110.1m, compared to £131.4m in the previous year.
Like-for-like sales at the department store retailer, which operates 145 outlets, were down 0.9%. And the group’s fortunes show no signs of improvement, with like-for-like sales in the six weeks since the end of August falling 4.2%.
Announcing the results, Debenhams referred to “uncertain market conditions”, and said it would be aiming to reduce debt of £994m by cutting both costs and investment.