Debenhams Warns Of Tough Climate As Profit Rises
19 Avril 2012 - 8:59AM
Dow Jones News
Department store chain Debenhams PLC (DEB.LN) said Thursday it
faces a tough consumer climate for the remainder of the year as
economic conditions continue to restrain spending, adding to the
tide of downbeat news from U.K. retailers this week, even as it
posted a small rise in first-half net profit.
"We are pleased with our results for the first half," said Chief
Executive Michael Sharp in a statement, adding, "We are mindful of
the impact the wider economy may have on consumer behavior in the
second half of the year as well as the uncertain effects of the
major one-off events taking place in the U.K. during the
summer."
For the six months to March 3, Debenhams posted a net profit of
GBP95.5 million, up from GBP91.5 million in the same period a year
earlier, on revenue 1.4% higher at GBP1.48 billion. Same-store
sales excluding value-added tax--which applies to stores open for
more than a year--were up just 0.3%.
Debenhams said pretax profit--the company's key measure of
performance--was up slightly at GBP127.1 million from GBP125.3
million, above analyst consensus expectations, according to
Debenhams.
An interim dividend was maintained at 1 pence a share. The
company added that it intends to use up to GBP20 million to buy
back shares over the next six months.
The retailer's focus on price cuts and sales promotions has seen
it fare better than many of its rivals in recent years as high fuel
and commodity inflation, tax rises and concerns about job security
have caused consumers to rein in discretionary spending.
Debenhams' earnings come after a difficult week for U.K.
retailers. Earlier this week, Marks & Spencer Group PLC
(MKS.LN) said like-for-like sales fell in the fourth quarter, while
Tesco PLC (TSCO.LN) Wednesday reported declining full-year profit
from its U.K operations.
Shares closed Wednesday 80.5 pence.
-By Peter Evans, Dow Jones Newswires; 44-20-7842-9308;
peter.evans@dowjones.com
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