Debenhams to post sales rise amid tough times
Monday 24 June 2013
The department store chain Debenhams will this week warn that the fashion sector has endured tough early summer trading, although it is still expected to have grown sales.
Clothing retailers have had a spring and summer to forget so far after precious little warm weather, with three out of four running price promotions two weeks ago – the highest-ever reading for this time of year, according to the accountancy firm PwC. Debenhams is set to post like-for-like sales up by 2.9 per cent over the 16 weeks to 22 June, analysts at Cantor Fitzgerald said.
While this will be ahead of the most recent sales performance of its big rival Marks & Spencer, the City will scrutinise comments by the chief executive Michael Sharp on margins.
Debenhams blamed the snow in January for a profit warning but will this week reaffirm it will meet City expectations for reduced profits and boast that it has grown market share across men's, women's and children's clothing.
Cantor Fitzgerald forecasts that Debenhams will post lower profits of £152.3m over the year to August.
PwC said that 75 per cent of retailers were on promotion, such as three items for the price of two, a fortnight ago, which was up 2 per cent on last year and compares with just 40 per cent in 2009.
- 2 California man brutally beat 82-year-old Sikh grandfather he mistook for 'one of those people'
- 4 Charles Kennedy 'had better judgement drunk than many sober politicians' says Ian Hislop
Amber Peat: Body found in search for missing 13-year-old who ran away after argument with her parents
California man brutally beat 82-year-old Sikh grandfather he mistook for 'one of those people'
Sepp Blatter resigns: FBI are investigating outgoing Fifa president, claims report
Alton Towers crash: Four guests seriously injured as Smiler ride carriages collide
Charles Kennedy dead: A guy once asked the Lib Dem leader who his favourite Muppet was and his letter response was wonderful
Thousands of teenage girls enduring debilitating illnesses after routine school cancer vaccination
Migrants in Kos: Photos show real tragedy after Brits abroad complain of 'awkward' holidays
British tourists complain that impoverished boat migrants are making holidays 'awkward' in Kos
Michael Gove determined to scrap the Human Rights Act – even if Scotland retains it
Threat to scrap Human Rights Act could see UK follow Nazi example, warns UN official
Church of England 'one generation away from extinction' after dramatic loss of followers
iJobs Money & Business
£30000 - £35000 per annum: Recruitment Genius: The UK's fastest growing, multi...
£70000 - £90000 per annum: Recruitment Genius: A Financial Reporting Manager i...
£23000 - £25000 per annum: Recruitment Genius: They win lots of awards for the...
£13500 - £20000 per annum: Recruitment Genius: This nationwide enforcement com...