The man charged with reviving Debenhams’ performance said there was “no getting away from the fact” its first-half performance had been “disappointing” after profits plunged nearly 84%.
Sergio Bucher, chief executive, made the remarks as the department store group reported a fall in pre-tax profits from £87.8m to £13.5m and cut its interim dividend in half to 0.5p a share.
Underlying profits, its preferred benchmark measure, also fell by nearly 52% to £42.2 million on revenue that held steady at just over £1.6bn in the six months to March 2.
The Telegraph added that troubled retailer’s half-year pre-tax profits plunged after the UK’s recent cold snap forcing it to temporarily shut 100 stores during the final week of trading.
The short-term closures shaved around 1% off like-for-like sales, which dropped by 2.2% for the 26 weeks to March 3 in response to a lacklustre festive performance and tough trading on the high street.
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