"Challenging trading" dented first half like-for-likes at Debenhams
18-03-2008
Department store chain Debenhams said "challenging trading conditions" in January and February led to an overall 0.7 per cent decline in like-for-like sales for the first half of the year.
In a trading update for the first 26 weeks of the year to March 1st 2008, overall sales were 1.2 per cent compared to last year.
Debenhams said it gained market share in all major clothing categories.
Gross margin for the first half is expected to be down by some 20 basis points, the company said, as price-slashing, particularly in menswear, took its toll.
Rob Templeman, CEO of Debenhams, said: "Following a good performance over Christmas and the January sale, market conditions were tough through the remainder of January and February.
"The macro economic climate leads us to expect the retail environment to remain challenging and we are therefore focusing on driving sales, gaining market share and controlling our stocks and cost base."
Debenhams' interim results will be announced on 15th April 2008 and the company said profit before tax is expected to be in line with market estimates.
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