Apr 19, 2018
Debenhams shares sink 10% on UK retail stress
Debeham's share price plunged by more than 10 per cent at opening on Thursday after the British department store chain reported that its underlying pre-tax profits had halved. Matt Smith, its chief financial officer also announced on Thursday that he would leave the company to join Selfridges, after Debenhams revealed tough trading for the six months to 3 March with profits shrivelling and net debt growning by 14.4 per cent. Sergio Bucher, chief executive, said the "The UK retail environment is undergoing profound change".
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