Debenhams profit surges by 20pc

first_imgThursday 21 October 2010 3:10 am Debenhams met expectations with a 21 per cent rise in year profit and predicted more growth in 2010-11 as it benefits from a shift to higher margin own-bought products.Debenhams, with 167 stores in Britain, Ireland and Denmark, and 60 franchised outlets in 23 countries said it expected to resume dividend payments when it publishes interim results.“Although we remain concerned about the general retail environment, we are encouraged by the start to the new financial year which has seen positive like-for-like sales and gross margin in the early weeks,” said chief executive Rob Templeman.Profit before tax and one-off items rose to £151m in the year to 28 August, in line with company guidance, from £125.2m in 2008-09.Debenhams, number two to employee-owned department store group John Lewis by sales, said revenue increased 9.6 percent to £2.56bn, as the firm won market share in menswear and childrenswear.Sales at stores open at least a year were flat compared with the previous 12-month period, while gross profit margins were up 70 basis points as the firm moved over 530,000 square feet of trading space from concessions to own bought products.Debenhams ended the period with net debt of £516.8m, down £73.5m from a year ago. whatsapp whatsapp Share Read This NextThe Truth About Bottled Water – Get the Facts on Drinking Bottled WaterGayotRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe WrapNewsmax Rejected Matt Gaetz When Congressman ‘Reached Out’ for a JobThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap Tags: NULL Show Comments ▼ John Dunne Debenhams profit surges by 20pc last_img