Jun 19, 2018

Debenhams shares fall nearly 20% on profit warning

Shares in high street retailer Debenhams fell nearly 20 per cent in early trade on Tuesday, after the British department store warned on profits for the third time this year. Shares were down as much as 18 per cent at the market open on Tuesday. In January Debenhams issued its first profit warning of 2018, pointing to poor Christmas trading, and in April it issued a second, blaming uncharacteristically cold weather in March. Like rival department store House of Fraser, which announced a plan to close 31 stores earlier this month, Debenhams has suffered a bleak start to the year. Shares in the company have fallen more than 44 per cent so far this year, and fell 39 per cent last year.

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