Debenhams’ profits take 16% hit

The tough retail conditions have seen pre-tax profits at Debenhams fall 16%.

Debenhams' profits take 16% hit

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.

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