TIDMDEB
RNS Number : 4091J
Debenhams plc
30 June 2011
30 June 2011
DEBENHAMS PLC
INTERIM MANAGEMENT STATEMENT
Debenhams plc, the leading department stores group, today
announces its interim management statement which covers the 43
weeks to 25 June 2011.
We have seen a good trading performance in the second half to
date as detailed in the table below and have been particularly
pleased with the sales trends that we have experienced over the
past two months.
Second half to date 43 weeks
------------------------- -------------------- ---------
Group gross transaction
value[i] +2.9% +3.1%
------------------------- -------------------- ---------
Like-for-like sales inc
VAT +3.0% +1.1%
------------------------- -------------------- ---------
Like-for-like sales exc
VAT +1.5% -0.4%
------------------------- -------------------- ---------
Strong growth has continued in the non-store elements of the
business. Online, instore ordering and mobile sales were up by
77.0% (excluding VAT) over the previous year for the 43 week
period. Magasin du Nord also traded well and in line with our
expectations, which has been pleasing considering a strong
comparator for last year. Magasin's like-for-like sales are up 6.2%
on a Danish kroner basis and up 2.9% on a sterling basis
year-to-date.
Although there is cost pressure on our supply chain, we are
managing input inflation well by taking action such as the
realignment of range architecture. Cash margin remains our key
focus and in the second half of the year our approach has been to
invest some gross margin in driving top line growth, resulting in
higher like-for-like sales. Looking ahead, we will continue to
focus on a trading strategy that drives the most cash profit and as
a result of this strategy gross margin for the full year is
expected to be broadly neutral. Overall, we believe that the profit
before tax outturn for the year will be in line with our
expectations.
Debenhams continues to be strongly cash generative. Guidance for
year end net debt remains cGBP400 million.
We are pleased with the performance of the recent additions to
our own bought product ranges, including Principles by Ben de Lisi
and H! by Henry Holland. Edition, the latest Designers at Debenhams
concept featuring Jonathan Saunders, Preen and Jonathan Kelsey, has
been very well received. The first collection from the fourth
designer in the Edition portfolio Roksanda Ilincic arrives in
September whilst Roksanda's occasionwear collection has just
launched in store. Health and beauty has again seen strong trading,
both in stores and online where a number of new brands have been
added during the period. Stock levels remain firmly under control
across the business.
Three new stores have been opened in the year to date, including
two in the second half. These comprise two new department stores in
Bath (September 2010) and Wakefield (May 2011) and one small format
store in Fareham (June 2011). Despite the inevitable disruption to
sales , our commitment to improving the shopping experience for all
our customers has continued with six store refits currently
underway, adding to the five completed during the first half of the
year. We expect to refit 20 stores next year.
Improved ranging, availability and convenience for our customers
through expansion of multi-channel access points continues to be a
significant part of our strategy. Self-service customer order
points are in the process of being rolled out to all stores and are
particularly beneficial in smaller stores through augmenting the
instore range. The iPhone app has recently passed 500,000 downloads
and has already recorded its first GBP1 million of sales; recently
launched Nokia and Android apps are also showing good growth in
downloads. The Beauty Club app is proving extremely popular with
both existing and new members of the Beauty Club loyalty
scheme.
Rob Templeman, Chief Executive of Debenhams, said:
"We are continuing to make progress despite significant
headwinds in the sector and are pleased with the performance of the
business in the year so far. Looking forward, we remain cautious
about the consumer environment and will continue to focus on
growing cash margin through our self-help strategy of investing in
our store portfolio, developing a seamless multi-channel business
and managing our supply chain effectively."
- Ends -
There will be a conference call for investors and analysts today
at 9:00am UK time. To join the call, please dial +44 (0) 20 3140
0820 or +1 718 705 7514. A recording of the call will be available
for seven days on +44 (0) 20 3140 0698 or +1 877 846 3918, PIN
377627#.
Debenhams will issue a trading update covering the 53 weeks to 2
September 2011 on Tuesday 20 September. Final results will be
announced on Thursday 20 October 2011.
Statements made in this announcement that look forward in time
or that express management's beliefs, expectations or estimates
regarding future occurrences and prospects are "forward-looking
statements" within the meaning of the United States federal
securities laws. These forward-looking statements reflect
Debenhams' current expectations concerning future events and actual
results may differ materially from current expectations or
historical results. Neither the content of the Company's website
nor the content of any website accessible from hyperlinks on the
Company's website (or any other website) is (or is deemed to be)
incorporated into or forms (or is deemed to form) part of this
announcement.
Enquiries
Investors and analysts
Debenhams plc
Lisa Williams, Investor Relations 020 7408 3304, 07908
483841
Press
Financial Dynamics
Jonathon Brill 020 7269 7170
Caroline Stewart 020 7269 7227
Notes to Editors
Debenhams is an iconic British department store group which was
established over 200 years ago. Debenhams has a strong presence in
key product categories including womenswear, menswear,
childrenswear, home and health & beauty and offers its
customers a unique and differentiated mix of exclusive own bought
brands including Designers at Debenhams, international brands and
concessions.
Debenhams has 169 stores in the UK, the Republic of Ireland and
Denmark as well as 64 international franchise stores in 25
countries. Debenhams products are also available online at
www.debenhams.com and www.debenhams.ie and through iPhone, Android
and Nokia apps.
Designers at Debenhams include Ted Baker, Jeff Banks, Jasper
Conran, Erickson Beamon, FrostFrench, Henry Holland, Roksanda
Ilincic, Betty Jackson, Jonathan Kelsey, Ben de Lisi, Julien
Macdonald, Melissa Odabash, Jane Packer, Pearce Fionda, Preen,
Janet Reger, John Rocha, Jonathan Saunders, Lisa Stickley, Eric Van
Peterson and Matthew Williamson.
[i] Gross transaction value: Revenue (excluding VAT) on a gross
basis before adjusting for concessions, consignments and staff
discounts.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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