Debenhams reports rise in half-year profits

| April 14, 2011 | 0 Comments

Department store Debenhams appears to have bucked the trend on the High Street after reporting a rise in half-year profits.

The retailer, which has 167 stores in the UK and Ireland, said pre-tax profits for the six month period to 26 February totalled £125.3 million - up from £114.5 million in the same period a year earlier.

The results come after other major retailers including Next, Mothercare, HMV and Dixons Retail issued cautious statements about the current trading environment, while the British Retail Consortium this week reported its largest monthly drop in sales since 1996.

Meanwhile, the department store said half-year revenues were slightly higher at £1.2 billion despite the company citing “difficult” trading conditions.

However, Debenhams was optimistic that commodity prices such as cotton, which has soared in the past year, could fall which will ease the pressure on consumers and retailers.

In related news, chief executive, Rob Templeman, will step down in the autumn, and be replaced by Michael Sharp - currently deputy chief executive.

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