Jun 19, 2018

Debenhams issues another profit warning

Debenhams has warned that its full-year profits are expected to fall below expectations, adding to the chorus of retailing woes. The department store blamed "Increased competitor discounting and weakness in key markets" for the profit shortfall. It said pre-tax profits for the full year would come in between £35m and £40m, below estimates of £50.3m. This is Debenhams' third profit warning this year despite a turnaround plan designed to cut costs and boost sales. Debenhams said sales had been fallen in May and June thanks to rivals' discounting and weak consumer spending. Like-for-like sales, which reflect sales at stores open for more than a year, fell by 1.7% in the 15 weeks to 16 June.

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