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.
- 1 VMAs 2015: Was Nicki Minaj and Miley Cyrus' awkward acceptance put-down real or staged?
- 2 If you're not already angry about the migrant crisis, here's a history lesson to remind you why you really should be
- 3 Rules on 5p plastic bags likely to lead to arguments at the check-out
- 4 Chaos breaks out in courtroom as father attacks killer of three-year-old daughter
- 5 Blood Moon and Supermoon: September to bring brightest – and dimmest – full Moon of the year on same night
VMAs 2015: Was Nicki Minaj and Miley Cyrus' awkward acceptance put-down real or staged?
Bank Holiday Monday opening times: Are Tesco, Asda and other supermarkets open today?
The nine most warmongering countries in the world revealed
Isis releases graphic video showing four Shia 'spies' being burned alive in Anbar, Iraq
Blood Moon and Supermoon: September to bring brightest – and dimmest – full Moon of the year on same night
Climate change: 2015 will be the hottest year on record 'by a mile', experts say
'Women only' train carriages: Jeremy Corbyn unveils radical move to tackle public harassment
Jeremy Corbyn calls Osama bin Laden's killing a 'tragedy' - but was it taken out of context?
Black holes are a passage to another universe, says Stephen Hawking
Tony Blair attacks Jeremy Corbyn's 'Alice In Wonderland' politics
Theresa May says migrants should be banned from entering the UK unless they have jobs lined up
iJobs Money & Business
£25000 - £30000 per annum: Recruitment Genius: From modest beginnings the comp...
£35000 - £40000 per annum: Recruitment Genius: From modest beginnings the comp...
£15000 - £65000 per annum: Recruitment Genius: This is an exciting opportunity...
£18000 - £20000 per annum: Recruitment Genius: This is a fantastic opportunity...