Debenhams Says Customers 'More Optimistic'

Debenhams has reported first half sales and profits growth, declaring that its customers are feeling "a little more optimistic."

The high street fashion to electricals chain said it was on track to achieve its full year expectations despite a "difficult" Autumn season when warm weather dented demand for winter wear for many clothing stores.

It said profit before tax rose 4.3% to £88.9m in the 26 weeks to 28 February.

Group like-for-like sales were up 1.3% in the period - lifted by 1% because the department store chain's New Season Spectacular promotion was brought forward into the first half.

It also added £3m to the profit performance.

Debenhams said it was boosted by international franchise stores and Magasin du Nord, which achieved local currency like-for-like sales growth of 9.9% and a 12.7% rise in online sales.

It plans to open eight new Debenhams stores - five of them this coming autumn.

Chief executive Michael Sharp said: "I am pleased with the good progress we have made against the strategic priorities we set out last year.

"We have improved our multi-channel offer and successfully introduced the premium delivery options that we promised for the important peak period, which met with a positive response from our customers.

"The continued refocusing of our promotional strategy delivered a strong increase in full price sales, an improvement in value perception and enabled us to end the half with an improved stock position.

"Overall we delivered a good first half performance despite a difficult clothing season in Autumn and we are on track to achieve full year expectations.

"Looking forward, our customers tell us they are feeling a little more optimistic about the economic outlook, but they remain cautious.

"Accordingly we are continuing to plan prudently in the near term, while remaining focused on our strategic priorities, and are continuing to invest to ensure that our business is well-positioned to drive sustainable growth in the longer term."

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