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Debenhams set to come in from the cold Debenhams set to come in from the cold
(about 7 hours later)
Debenhams is on track to avoid a repeat of the miserable Christmas it endured last year despite announcing a 24 per cent fall in profits to £105.8m for the year to the end of  August.Debenhams is on track to avoid a repeat of the miserable Christmas it endured last year despite announcing a 24 per cent fall in profits to £105.8m for the year to the end of  August.
A profit warning and the abrupt resignation of the finance boss Simon Herrick capped a woeful festive season last time, not helped by warm winter weather. But a rise in operating profit during the spring-summer second half of its financial year reassured the City of the department store chain’s turnaround strategy. The shares rose 0.6p to 63.4p – good news for the Sports Direct billionaire Mike Ashley, who has an 11 per cent stake. A profit warning and the abrupt resignation of the finance boss Simon Herrick capped a woeful festive season last time, not helped by warm winter weather.
But a rise in operating profit during the spring-summer second half of its financial year reassured the City of the department store chain’s turnaround strategy. The shares rose 0.6p to 63.4p – good news for the Sports Direct billionaire Mike Ashley, who has an 11 per cent stake.
Chief executive Michael Sharp said: “We achieved higher full-price sales and fewer days on promotion as a result of greater clarity on our promotional calendar, resulting in an improved gross margin.”Chief executive Michael Sharp said: “We achieved higher full-price sales and fewer days on promotion as a result of greater clarity on our promotional calendar, resulting in an improved gross margin.”
The retailer hopes cutting back on a swathe of promotions to focus on shorter, targeted discounts – and the £25m revamp of its Oxford Street store in London will spur festive sales.The retailer hopes cutting back on a swathe of promotions to focus on shorter, targeted discounts – and the £25m revamp of its Oxford Street store in London will spur festive sales.
The retailer said that its Sports Direct, Costa Coffee, Monsoon and Mothercare concessions were doing well.The retailer said that its Sports Direct, Costa Coffee, Monsoon and Mothercare concessions were doing well.