Debenhams Plans To Reinstate Dividends In 2011
21 Octobre 2010 - 9:00AM
Dow Jones News
Department store chain Debenhams PLC (DEB.LN) Thursday posted a
20.6% rise in fiscal year pretax profit, adding that it expects to
reinstate dividends at the half-year stage next year.
Chief Executive Rob Templeman said, "Although we remain
concerned about the general retail environment, we are encouraged
by the start to the new financial year which has seen positive
like-for-like sales and gross margin in the early weeks."
He said the company will continue to focus on managing gross
margins, driving market share and growing through expansion and
investment.
Pretax profit before exceptional items rose to GBP151 million
for the 12 months to Aug. 28 from GBP125.2 million last
year--slightly beating the company's guidance in September for
GBP150 million. Sales rose 9.6% to GBP2.56 billion.
The second-largest department store chain in the U.K. by sales
behind Marks & Spencer Group PLC (MKS.LN) has been increasing
its higher-margin own-brands, which has helped grow profits even as
sales growth has tempered.
Fiscal year net profit edged higher to GBP97 million from
GBP95.1 million a year ago.
The company said it intends to recommence dividends in April
2011, targeting an initial level of dividend cover of around three
times adjusted earnings per share.
Debenhams has 160 stores in the U.K. and Ireland, six in Denmark
and 60 franchised outlets abroad.
Over the past three months, Debenhams' shares have gained 22%,
closing Wednesday at 71 pence.
-By Kathy Gordon, Dow Jones Newswires; 44-207-842-9293;
kathy.gordon@dowjones.com
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