TIDMDEB
RNS Number : 0578V
Debenhams plc
23 October 2014
23 October 2014
DEBENHAMS PLC - FULL YEAR RESULTS
"Making progress on strategic priorities"
Debenhams plc, the leading international, multi-channel brand,
today announces full year results for the 52 weeks to 30 August
2014.
Financial headlines
-- Gross transaction value up 1.7% to GBP2,823.9m
-- Group like-for-like sales up 1.0%
-- Group gross margin down 60bps: H1 down 100bps, H2 up 10bps
-- Operating profit down 17.2%: H1 down 22.9%, H2 up 2.9%
-- Profit before tax in line with market expectations
o Underlying profit before tax* down 20.6% at GBP110.3m
o Reported profit before tax down 23.9% at GBP105.8m
-- Underlying EPS* down 19.6% to 7.4p, reported EPS down 22.8% to 7.1p
-- Final dividend of 2.4p per share; full year dividend of 3.4p per share maintained
-- Net debt improved by GBP10.5m to GBP361.5m
-- Borrowing facilities refinanced including issue of GBP225.0m 5.25% seven year senior notes
*Before non-recurring finance cost of GBP4.5m (2013: nil)
Operational headlines
-- Good progress made in second half against strategic
priorities to deliver long-term sustainable growth and to address
first half operational issues
o Refocusing of promotional strategy resulted in 10.6% increase
in own brand full price sell-through in second half
o New online delivery options now fully available including next
day click & collect and 10pm cut-off for next day delivery to
home
o Encouraging early signs from UK space optimisation trials
including Sports Direct, Costa, Monsoon and Mothercare
o More conservative sales targets and tighter buying levels
resulted in 5.3% reduction in like-for-like closing stock
-- Multi-channel continued to grow with online sales up 17.6%,
representing 15.3% of Group sales, online EBITDA increased
20.5%
-- Oxford Street transformation completed on plan and is trading in line with expectations
-- Strong debut seasons from Designers at Debenhams Patrick Grant, Stephen Jones and Todd Lynn
-- Good performance by Magasin du Nord and international franchise stores
Michael Sharp, Chief Executive of Debenhams, said:
"After the challenges we faced in the first half, everyone in
the business has been focused on addressing the issues we
identified and on delivering on the priorities we set out in April
to deliver long-term sustainable growth. Our performance in the
second half reflects this with operating profit up on the previous
year.
"We achieved higher full price sales and fewer days on promotion
as a result of greater clarity on our promotional calendar
resulting in an improved gross margin. We have also made good
progress on our work to drive better returns from our space.
Developing a more convenient and competitive online fulfilment
offer has been a key priority and we enter this year's peak trading
period with a much improved range of delivery options. We expect
further benefits to accrue from these priorities going forward.
"Customers tell us that although they are encouraged by economic
improvements this has yet to translate into higher disposable
income and the market remains tough. We therefore remain cautious
about the outlook and will continue to plan prudently. Whilst this
has been a challenging year for Debenhams, the brand is strong and
our improved second half performance gives us confidence that we
are ready for the key Christmas period and can deliver sustainable
growth over the longer term."
Presentation
A presentation for analysts and investors will be held today
(Thursday 23 October 2014) at 9:30am UK time at The Lincoln Centre,
17 Lincoln's Inn Fields, London WC2A 3ED. The presentation will be
webcast live at http://www.media-server.com/m/p/5yuabttq.
Enquiries
Analysts and Investors
Lisa Williams, Debenhams plc 020 3549 6304, 07908 483841
Media
Simon Sporborg, Brunswick
Group 020 7404 5959
Tim Danaher, Brunswick Group 020 7404 5959
STRATEGIC AND OPERATIONAL REVIEW OF THE YEAR
At the end of the year Debenhams operated from 245 stores in 28
countries and was available online in many more countries. Our
focus during 2014 was to continue executing our strategy to build a
leading international, multi-channel brand and in particular the
priorities we set out in April under each pillar of the strategy to
address the issues we faced during the first half of the year.
Delivering a compelling customer proposition
-- We continued to invest in our product and brand strategy to
ensure our customer proposition remains both compelling and
competitive, with our own brands providing exclusivity and
differentiation.
-- The work to refocus our promotional strategy commenced during
the second half with fewer days on promotion overall and a reduced
level of discounting in promotional events. The summer sale
commenced two weeks later this year. This approach resulted in an
increase in own brand full price sell-through of 10.6% and an
improvement in the markdown to sales ratio of 3.9% in the second
half compared with the same period last year.
-- Alongside the promotional calendar, we improved the value
proposition in key categories including childrenswear to ensure
"first price, right price".
-- Stock efficiency improved leading to 5.3% lower like-for-like stock value at year end.
-- We continued to see sales and margin benefits from the
investment made in the design and buying capabilities of our Red
Herring and Principles by Ben de Lisi womenswear brands.
-- Single customer view is now fully operational and is driving
greater returns from customer relationship management
programmes.
Increasing availability and choice through multi-channel
-- Online sales increased by 17.6% to GBP430.7 million,
accounting for 15.3% of total sales in 2014, up from 13.2% in the
previous year.
-- Increasing efficiencies in our fulfilment operations resulted
in a 230bps improvement in UK online costs as a percentage of sales
leading to an increase in Group online EBITDA of 20.5%.
-- The number of visits to Debenhams.com increased by 15% to 276
million, including a 58% increase in visits from mobile
devices.
-- Mobile penetration now stands at 38% of online sales.
-- Customers' desire for convenience was a key driver of demand
for click & collect which increased to 22.3% of all online
orders, up from 7.4% last year.
-- Work continued throughout the year to introduce new delivery
options ahead of Christmas 2014 which were launched on time on 11
October. They include next day click and collect, order cut-off for
next day delivery to home extended from 2pm to up to 10pm, evening
and weekend deliveries and nominated day deliveries.
-- A visual refresh of the website was completed and customer
pain points in the checkout and returns processes have been
addressed.
Focusing on UK retail
-- The UK store estate comprised 160 stores trading from 11.2 million sq ft at the year end.
-- Four new stores opened during the year in Cheshire Oaks,
Haverfordwest, Hereford and Leamington Spa adding 169,000 sq ft of
trading space.
-- The transformation of Oxford Street into our international
flagship store was completed on plan and has traded in line with
expectations.
-- Space optimisation trials commenced with a number of brands
including Sports Direct, Costa, Monsoon and Mothercare. The initial
results have been encouraging and the trials are being extended to
further stores ahead of Christmas 2014.
-- New menswear Designer at Debenhams brand Hammond & Co by
Patrick Grant was rolled out to 80 stores following its successful
launch in 20 stores.
-- The new store pipeline stands at 12 stores. Two stores will
open in 2015 in Borehamwood and Scunthorpe, together adding 67,500
sq ft of trading space, and the remaining ten over the following
three years.
Expanding the brand internationally
-- The international stores at the year end comprised 68
franchise stores in 25 countries, 6 Magasin du Nord stores in
Denmark and 11 Debenhams stores in the Republic of Ireland.
-- International sales increased by 5.1% to GBP548.6 million and
EBITDA by 9.5% to GBP42.5 million.
-- Eight new franchise stores opened during 2014 including
market entry in Estonia, Latvia and Libya; two franchise stores
closed in Georgia and Vietnam.
-- We are contracted to open 14 new franchise stores over the
next three years with another 12 in final negotiation. We are in
discussion on nearly 50 other stores in subsequent years.
-- Magasin du Nord delivered another good sales performance.
-- The Republic of Ireland remains a challenging market.
-- International online is growing fast from a small base with sales up by 41.6% in 2014.
-- We are now shipping direct from suppliers to franchise
partners in Indonesia, Malaysia and Philippines as well as the
Middle East. This is reducing costs and improving lead times.
FINANCIAL REVIEW
FINANCIAL SUMMARY
2014 2013(1) % change
---------------------------------- -------------- -------------- ---------
Gross transaction value(2,3)
UK GBP2,275.3m GBP2,254.8m +0.9%
International GBP548.6m GBP522.0m +5.1%
Group GBP2,823.9m GBP2,776.8m +1.7%
---------------------------------- -------------- -------------- ---------
Statutory revenue(2,3)
UK GBP1,902.1m GBP1,895.9m +0.3%
International GBP410.6m GBP386.3m +6.3%
Group GBP2,312.7m GBP2,282.2m +1.3%
---------------------------------- -------------- -------------- ---------
Group like-for-like sales
movement(4) +1.0%
---------------------------------- -------------- -------------- ---------
Group gross margin movement(5) -60bps
---------------------------------- -------------- -------------- ---------
EBITDA(2,6)
UK GBP188.3m GBP211.4m -10.9%
International GBP42.5m GBP38.8m +9.5%
Group GBP230.8m GBP250.2m -7.8%
---------------------------------- -------------- -------------- ---------
Operating profit(2)
UK GBP96.3m GBP127.2m -24.3%
International GBP32.3m GBP28.2m +14.5%
Group GBP128.6m GBP155.4m -17.2%
---------------------------------- -------------- -------------- ---------
Underlying profit before tax(7) GBP110.3m GBP139.0m -20.6%
---------------------------------- -------------- -------------- ---------
Non-recurring finance cost(7) GBP4.5m - -
---------------------------------- -------------- -------------- ---------
Reported profit before tax GBP105.8m GBP139.0m -23.9%
---------------------------------- -------------- -------------- ---------
Underlying earnings per share(7) 7.4p 9.2p -19.6%
---------------------------------- -------------- -------------- ---------
Basic earnings per share 7.1p 9.2p -22.8%
---------------------------------- -------------- -------------- ---------
Dividend per share 3.4p 3.4p -
---------------------------------- -------------- -------------- ---------
30-08-14 31-08-13
---------------------------------- -------------- -------------- ---------
Net debt GBP361.5m GBP372.0m
---------------------------------- -------------- -------------- ---------
Net debt : EBITDA (last 12
months) 1.6x 1.5x
---------------------------------- -------------- -------------- ---------
Notes to the above table and to all references in this
statement:
1. Comparators for 2013 have been adjusted for the introduction
of IAS 19 R "Employee benefits". See note 1 for more details.
2. UK operating segment comprises stores in the UK and online
sales to UK addresses. International operating segment comprises
the international franchise stores, the owned stores in Denmark and
the Republic of Ireland and online sales to addresses outside the
UK.
3. Gross transaction value (GTV): sales on a gross basis before
adjusting for concessions, consignments and staff discounts.
Statutory revenue: sales after adjusting for these items.
4. Like-for-like sales movement relates to sales from stores
which have been open for more than 12 months plus online sales.
5. Gross margin: GTV less the value of cost of goods sold, as a percentage of GTV.
6. EBITDA is earnings before interest, taxation, depreciation
and amortisation (including loss on disposal of fixed assets).
7. Before non-recurring finance cost, comprising GBP4.5m of
unamortised issue costs which were written-off following the
refinancing of the Group's borrowing facilities in July 2014 (2013:
nil).
SEGMENTAL PERFORMANCE
UK
Gross transaction value for the UK segment increased by 0.9% to
GBP2,275.3 million and revenue grew by 0.3% to GBP1,902.1 million.
This was principally a result of continued growth in online sales
to UK customers, a good performance from Oxford Street following
the completion of its transformation into our international
flagship store and the benefit of two new stores which were opened
in 2013 and four new stores in 2014. The UK experienced difficult
trading conditions during the first half of the year, which were
detailed in the interim results, and the performance of the stores
continued to be impacted by the channel shift into online. Own
bought mix decreased from 79.9% last year to 79.3% due to the
outperformance of concessions.
UK operating profit for the year decreased by 24.3% to GBP96.3
million. This was due to the impact on first half gross margin of
lower than expected sales in the period before Christmas resulting
in high levels of inventory being sold at a greater discount during
the January sale period. The action taken to refocus our
promotional strategy in the second half of the year led to a better
performance during that period. UK profitability was also impacted
by a GBP7.1 million increase in costs following the move to the new
London head office.
International
In the International segment gross transaction value of GBP548.6
million was 5.1% higher than last year and revenue increased by
6.3% to GBP410.6 million. Magasin du Nord had a strong year.
Franchise revenue increased with the addition of a net six new
stores. Online sales to customers outside of the UK also continued
to grow. However, trading conditions in the Republic of Ireland
stores remained difficult. Own bought mix increased from 63.0% to
63.4% mainly due to expansion of own bought sales at Magasin.
International operating profit increased by 14.5% to GBP32.3
million. In line with the sales performance, the main contributors
to profit growth were Magasin and the franchise business which
offset lower profits in the Irish stores.
GROUP SALES AND PROFITS
Sales and revenue
Group gross transaction value increased by 1.7% to GBP2,823.9
million for the 52 weeks to 30 August 2014 whilst Group revenue
increased by 1.3% to GBP2,312.7 million.
Group like-for-like sales increased by 1.0%, principally driven
by online sales, which increased by 17.6% to GBP430.7 million, and
Magasin which more than offset lower like-for-like sales from the
stores in the UK and Republic of Ireland.
The components of the Group gross transaction growth of 1.7% and
like-for-like sales growth of 1.0% are shown below:
UK stores -1.9%
UK online +2.1%
International +0.8%
Like-for-like sales
movement +1.0%
New UK space +0.5%
International franchise
stores +0.2%
GTV movement +1.7%
------------------------- ------
Group own bought mix decreased from 76.7% in 2013 to 76.2% as a
result of the movement in the UK mix.
Operating profit
The Group's profitability in 2014 was significantly impacted by
the performance of the UK business during the first half of the
year which was the principal cause of a 100 basis point decline in
Group gross margin in the first half. The first stage of our work
to refocus our promotional strategy delivered a better gross margin
in the second half, increasing by 10 basis points. On a full year
basis, gross margin declined by 60 basis points.
Costs increased in line with or better than the guidance
provided during the year. UK store costs increased by 1.3% whilst
online costs as a percentage of sales improved by 230 basis points.
International costs, which includes both stores and online,
increased by 2.5%. Other costs grew by 1.5% excluding the impact of
GBP7.1 million of incremental head office costs.
Depreciation and amortisation (including losses on disposal)
increased by 7.8% to GBP102.2 million, largely reflecting higher
capital expenditure in both 2014 and 2013 of GBP128.0 million and
GBP133.3 million respectively.
As a result of the foregoing, Group operating profit declined by
17.2% to GBP128.6 million from GBP155.4 million in the previous
year.
Inventory
Stock levels were managed tightly during the second half of the
year. Total stock value decreased by 3.4% to GBP345.7 million
reflecting a 5.3% decline in like-for-like stock. Terminal stock at
year end of 3.2% was in line with our historical range of 2.5% to
3.5%.
Net finance costs
Underlying net finance costs increased by 11.6% to GBP18.3
million as a result of higher debt levels in the first half and
increased interest in the last quarter of the year following the
refinancing of the borrowing facilities, including the issue of
GBP225.0 million of senior notes at the start of July.
This refinancing resulted in a non-recurring write-off to the
income statement of GBP4.5 million of unamortised issue costs.
Including the impact of this write-off, net finance costs increased
by 39.0% to GBP22.8 million.
Profit before tax
Lower operating profit and higher finance costs resulted in a
20.6% decrease in underlying profit before tax (before the
non-recurring finance cost) from GBP139.0 million to GBP110.3
million.
Reported profit before tax (after the impact of the
non-recurring finance cost) decreased by 23.9% to GBP105.8 million
(2013: GBP139.0 million).
Taxation
The Group's tax charge of GBP18.6 million equates to an
effective tax rate of 17.6%. This compares with 16.6% (restated for
IAS 19 R) in 2013 as the effective tax rate in that year benefitted
from the resolution of one-off historical issues. The increase was
partially offset by the impact that the adoption of FRS 101
"Reduced disclosure framework" (FRS 101) by one of the Group's UK
subsidiaries has had on the current year effective tax rate. This
resulted in a temporary reduction in the current tax charge in 2014
alongside the reduction in profits in the year and the reduction in
the UK corporation tax headline rate.
The Group's effective tax rate has been lower than the headline
rate of corporation tax for a number of years due to the resolution
of historical issues and the utilisation of Magasin's deferred tax
losses. We expect to see some additional benefits from these items
in 2015. Thereafter our effective tax rate will start to revert to
more normalised levels.
Profit after tax
Profit after tax fell by 24.8% to GBP87.2 million.
Earnings per share
Lower profits resulted in a 19.6% decline in underlying basic
and diluted earnings per share (excluding the non-recurring finance
cost) to 7.4 pence. Reported basic and diluted earnings per share
(after the non-recurring finance cost) fell by 22.8% to 7.1
pence.
The weighted average number of shares in issue decreased from
1,254.5 million last year to 1,226.8 million. This was due to the
purchase of 14.4 million shares in the share buyback scheme in the
first half of the year and the full year impact of 23.9 million
shares purchased in the prior year.
CASH FLOW, USES OF CASH AND MOVEMENT IN NET DEBT
Debenhams is highly cash generative and has clear priorities for
the uses of cash. The first priority is to invest in our strategy
to build a leading international, multi-channel brand. Second, we
pay our shareholders a dividend. Third, we have a medium-term
target for net debt to EBITDA of 1.0 times.
Operating cash flow before financing and taxation increased from
GBP107.8 million to GBP112.5 million despite lower profits as a
result of a working capital inflow of GBP9.7 million compared to a
GBP9.1 million outflow in 2013. The swing in working capital is
largely associated with the strategy to reduce stock levels in the
business.
Cash flow generation, the uses of cash and the movement in net
debt are summarised below.
2014 2013(1)
------------------------------------- ------------ ------------
EBITDA GBP230.8m GBP250.2m
Working capital GBP9.7m GBP(9.1)m
------------------------------------- ------------ ------------
Cash generated from operations GBP240.5m GBP241.1m
Capital expenditure GBP(128.0)m GBP(133.3)m
------------------------------------- ------------ ------------
Operating cash flow before financing GBP112.5m GBP107.8m
& taxation
Taxation GBP(20.6)m GBP(29.3)m
Financing GBP(13.1)m GBP(12.5)m
Dividends paid GBP(41.7)m GBP(41.4)m
Share buyback GBP(15.1)m GBP(25.1)m
Other movements GBP(11.5)m GBP(2.8)m
Change in net debt GBP10.5m GBP(3.3) m
------------------------------------- ------------ ------------
Opening net debt GBP372.0m GBP368.7m
Closing net debt GBP361.5m GBP372.0m
------------------------------------- ------------ ------------
(1) Comparators for 2013 have been adjusted for the introduction
of IAS 19 R.
Capital expenditure
In line with the first priority for cash, capital expenditure
amounted to GBP128.0 million during the year, broadly in line with
the prior year's expenditure of GBP133.3 million. Whereas capital
expenditure during the last couple of years has focused on the
store modernisation programme, including Oxford Street, in 2014 a
greater proportion of capital was spent on systems development,
particularly those to support the Group's growing multi-channel and
international activities. It is expected that capital expenditure
will be in the region of GBP130 million for 2015. Management
remains focused on return on capital employed.
Dividends
Despite lower profits in 2014, the cash generative nature of the
business and confidence in future performance has enabled the board
to maintain the 2013 cash dividend and to resolve to rebuild
dividend cover over time as earnings increase.
To this end, an interim dividend of 1.0 pence per share was paid
to investors on 4 July 2014 (2013: 1.0 pence). The board has
recommended a final dividend of 2.4 pence per share, taking the
total dividend for the year to 3.4 pence in line with that paid
last year. The final dividend will be paid on 9 January 2015 to
shareholders who are on the register of members at close of
business on 5 December 2014.
Share buyback programme
During the early part of the year, 14.4 million shares (2013:
23.9 million) were acquired for a total expenditure of GBP15.1
million (2013: GBP25.1 million). All the shares bought as part of
the share buyback programme have been transferred to treasury.
On 31 December 2013 the board announced that the share buyback
programme would cease with immediate effect in order to concentrate
on the first three priorities for cash.
Net debt
The Group's net debt position on 30 August 2014 of GBP361.5
million was GBP10.5 million better than the same point in the prior
year (31 August 2013: GBP372.0 million). The ratio of reported net
debt to EBITDA of 1.6 times compared with 1.5 times at the end of
the previous year (restated for IAS 19 R). The year end net debt
position demonstrates an improved performance during the second
half of the year as net debt was GBP49.3 million higher at the end
of the first half compared to the previous year.
FINANCIAL POSITION
During the year, the Group strengthened its capital structure
through the refinancing of borrowing facilities.
On 2 July 2014 the Group completed the offering of GBP225.0
million of senior notes due 2021 at 5.25%. The offering was
well-subscribed, reflecting the strength of investor confidence in
the business. As a result, it was upsized from the original
GBP200.0 million principal amount.
At the same time, the Group's bank funding arrangements were
refinanced to October 2018 in the form of a GBP425.0 million
revolving credit facility.
The refinancing enabled the Group to reduce its reliance on
traditional bank funding and diversify sources of funding. In
addition, it is expected to achieve a material saving in interest
costs over the life of the senior notes compared to the anticipated
cost of bank financing alone.
PENSIONS
The Group provides a number of pension arrangements for its
employees. These include the Debenhams Retirement Scheme and the
Debenhams Executive Pension Plan (together the "Group's pension
schemes") which both closed for future service accrual from 31
October 2006. Under IAS 19 "Employee benefits" revised, the net
deficit on the Group's pension schemes as at 30 August 2014 was
GBP2.4 million (31 August 2013: GBP20.0 million).
An actuarial valuation as at 31 March 2014 is underway. The
previous actuarial valuation was dated March 2011 following which a
funding plan was agreed with the pension schemes' trustees intended
to restore the schemes to a fully funded position on an ongoing
basis by March 2022 (Debenhams Retirement Scheme) and August 2021
(Debenhams Executive Pension Plan). As a consequence of this agreed
plan, annual contributions to the schemes were set at GBP8.9
million, rising each year by RPI. The Group also pays the
non-investment expenses and levies of the pension schemes including
those payable to the Pension Protection Fund.
Current pension arrangements for Debenhams' employees are
provided by a defined contribution pension scheme which is
administered by Legal & General.
GUIDANCE FOR 2015
Gross margin +10-40bps
Total costs +2-4%
Depreciation & amortisation c.GBP105 million
Net finance costs GBP21-23 million
Taxation c.20%
Capital expenditure c.GBP130 million
----------------------------- ----------------------
OUTLOOK
Customers tell us they are encouraged by economic improvements
but this has yet to translate into higher disposable income. We
therefore remain cautious about the outlook and will continue to
plan prudently. Whilst this has been a challenging year for
Debenhams, the brand is strong and our improved second half
performance gives us confidence that we are ready for the key
Christmas period.
BOARD OF DIRECTORS
Suzanne Harlow, Group Trading Director, was appointed to the
board as an executive director on 11 December 2013.
Simon Herrick resigned as Chief Financial Officer and as a
director on 2 January 2014. Neil Kennedy has assumed the role of
Acting Chief Financial Officer. Matt Smith will join the Company
and the board as Chief Financial Officer during the course of
2015.
The board of directors as at 23 October 2014 is as follows:
Nigel Northridge (Chairman), Michael Sharp (Chief Executive),
Suzanne Harlow (Group Trading Director), Dennis Millard (senior
independent non-executive director), Peter Fitzgerald
(non-executive director), Stephen Ingham (non-executive director),
Martina King (non-executive director), Mark Rolfe (non-executive
director) and Sophie Turner Laing (non-executive director).
GOING CONCERN
After making enquiries, the directors of Debenhams plc consider
that the Group has adequate resources to continue in operation for
the foreseeable future. For this reason, they have adopted the
going concern basis in preparing the Group's financial
statements.
Notes to editors
Debenhams is a leading international, multi-channel brand with a
proud British heritage which trades from 245 stores across 28
countries. Debenhams gives its customers around the world a unique,
differentiated and exclusive mix of own brands, international
brands and concessions.
In the UK, Debenhams has a top five market share in womenswear
and menswear and a top ten share in childrenswear. It is a market
leader in premium health and beauty.
Debenhams has been investing in British design for 20 years
through its exclusive Designers at Debenhams portfolio of brands.
Current designers include Abigail Ahern, Ted Baker, Jeff Banks,
Jasper Conran, Vicki Elizabeth, FrostFrench, Patrick Grant, Henry
Holland, Betty Jackson, Ben de Lisi, Julien Macdonald, Jenny
Packham, Pearce Fionda, Stephen Jones, Todd Lynn, Preen, Janet
Reger, John Rocha, Jonathan Saunders, Ashley Thomas, Eric Van
Peterson and Matthew Williamson.
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.
Consolidated Income Statement
For the financial year ended 30 August 2014
Restated(1)
52 weeks 52 weeks
ended ended
30 August 31 August
2014 2013
Note GBPm GBPm
-------------------------------- -------------- ------ -------------- ------------
Revenue 2, 3 2,312.7 2,282.2
Cost of sales (2,033.4) (1,982.6)
Gross profit 279.3 299.6
Distribution costs (98.5) (97.5)
Administrative expenses (52.2) (46.7)
Operating profit 128.6 155.4
------------------------------------------------ ------ -------------- ------------
Finance income 6 0.6 1.5
Total finance costs (23.4) (17.9)
------------------------------------------------ ------ -------------- ------------
Analysed as:
Recurring finance costs 7 (18.9) (17.9)
Non-recurring finance costs 7 (4.5) -
------------------------------------------------ ------ -------------- ------------
Profit before taxation 105.8 139.0
Taxation 8 (18.6) (23.1)
Profit for the financial year attributable
to owners of the parent 87.2 115.9
Earnings per share attributable to owners of the parent
(expressed in pence per share)
Restated(1)
Pence per Pence per
share share
----------------------------------------- ---------- ------ ------------ --------------
Basic earnings per share attributable
to the parent 10 7.1 9.2
Diluted earnings per share attributable
to the parent 10 7.1 9.2
----------------------------------------------------- ------ ------------ --------------
(1) Restatement relates to the adoption of IAS 19 "Employee
benefits" revised (note 1).
The notes on pages 16 to 23 form an integral part of this
condensed consolidated financial information.
Consolidated Statement of Comprehensive Income
For the financial year ended 30 August 2014
Restated(1)
52 weeks 52 weeks
ended ended
30 August 31 August
2014 2013
GBPm GBPm
--------------------------------------------------- --- ------------ ------------
Profit for the financial year 87.2 115.9
Other comprehensive (expense)/income
Items that will not be reclassified to
the income statement
Remeasurements of pension schemes 8.8 30.6
Taxation relating to items which will
not be reclassified (1.6) (6.8)
7.2 23.8
Items that may be reclassified to the
income statement
Currency translation differences (4.2) 3.6
Change in the valuation of available-for-sale
investments 2.5 (0.8)
(Losses)/gains on cash flow hedges (24.9) 11.9
Transferred to the income statement on
cash flow hedges 2.7 3.3
Recycled and adjusted against cost of inventory 8.1 (7.6)
Taxation relating to items that may be reclassified 3.0 (1.8)
(12.8) 8.6
Total other comprehensive (expense)/income (5.6) 32.4
Total comprehensive income for the financial year 81.6 148.3
(1) Restatement relates to the adoption of IAS 19 "Employee
benefits" revised (note 1).
The notes on pages 16 to 23 form an integral part of this
condensed consolidated financial information.
Consolidated Balance Sheet
As at 30 August 2014
30 August 31 August
2014 2013
Note GBPm GBPm
Assets
Non-current assets
Intangible assets 892.8 876.5
Property, plant and equipment 689.2 692.1
Available-for-sale investments 3.6 1.1
Derivative financial instruments 3.0 1.9
Trade and other receivables 15.6 16.8
Retirement benefit surplus 6.9 4.6
Deferred tax assets 51.0 69.3
1,662.1 1,662.3
---------------------------------------------- ------- ------------- -------------
Current assets
Inventories 345.7 357.9
Trade and other receivables 74.7 78.3
Derivative financial instruments 1.5 7.3
Cash and cash equivalents 64.4 27.0
486.3 470.5
---------------------------------------------- ------- ------------- -------------
Liabilities
Current liabilities
Bank overdraft and borrowings (202.1) (163.1)
Derivative financial instruments (11.4) (2.1)
Trade and other payables (529.3) (545.8)
Current tax liabilities (9.2) (25.3)
Provisions (6.0) (5.6)
(758.0) (741.9)
---------------------------------------------- ------- ------------- -------------
Net current liabilities (271.7) (271.4)
----------------------------------------------- ------- ------------- -------------
Non-current liabilities
Bank overdraft and borrowings (223.8) (235.9)
Derivative financial instruments (2.7) (3.7)
Deferred tax liabilities (53.4) (59.1)
Other non-current liabilities 11 (332.7) (322.1)
Provisions (1.1) (1.1)
Retirement benefit obligations (9.3) (24.6)
(623.0) (646.5)
---------------------------------------------- ------- ------------- -------------
Net assets 767.4 744.4
Shareholders' equity
Share capital 0.1 0.1
Share premium account 682.9 682.9
Merger reserve 1,200.9 1,200.9
Reverse acquisition reserve (1,199.9) (1,199.9)
Hedging reserve (7.9) 3.2
Other reserves (9.4) (7.7)
Retained earnings 100.7 64.9
Total equity 767.4 744.4
The notes on pages 16 to 23 form an integral part of this
condensed consolidated financial information.
Consolidated Statement of Changes in Equity
For the financial year ended 30 August 2014
Share Restated(1)
capital Reverse (Accumulated
and Merger acquisition Hedging Other losses)/retained Restated(1)
share reserve reserve reserve reserves earnings Total
premium GBPm GBPm GBPm GBPm GBPm equity
account GBPm
GBPm
Balance at 1 September 2012 683.0 1,200.9 (1,199.9) (2.6) (10.5) (9.9) 661.0
Profit for the financial
year - - - - - 115.9 115.9
Other comprehensive income
for the financial year - - - 5.8 2.8 23.8 32.4
Total comprehensive income
for the financial year - - - 5.8 2.8 139.7 148.3
Share-based payment charge - - - - - 1.5 1.5
Share option receipts - - - - - 0.1 0.1
Purchase of treasury shares - - - - - (25.1) (25.1)
Dividends paid - - - - - (41.4) (41.4)
Total transactions with
owners - - - - - (64.9) (64.9)
Balance at 31 August 2013 683.0 1,200.9 (1,199.9) 3.2 (7.7) 64.9 744.4
Profit for the financial
year - - - - - 87.2 87.2
Other comprehensive
(expense)/income
for the financial year - - - (11.1) (1.7) 7.2 (5.6)
Total comprehensive
(expense)/income
for the financial year - - - (11.1) (1.7) 94.4 81.6
Share-based payment credit - - - - - (1.8) (1.8)
Purchase of treasury shares - - - - - (15.1) (15.1)
Dividends paid - - - - - (41.7) (41.7)
Total transactions with
owners - - - - - (58.6) (58.6)
Balance at 30 August 2014 683.0 1,200.9 (1,199.9) (7.9) (9.4) 100.7 767.4
---------------------------- --------- --------- ------------- --------- ---------- ----------------- -------------
(1) Restatement relates to the adoption of IAS 19 "Employee
benefits" revised (note 1).
The notes on pages 16 to 23 form an integral part of this
condensed consolidated financial information.
Consolidated Cash Flow Statement
For the financial year ended 30 August 2014
52 weeks 52 weeks ended
ended 31 August
30 August 2013
2014
Note GBPm GBPm
---------------------------------------------- ----- ------- ----------- ---------------
Cash flows from operating activities
Cash generated from operations 12 240.5 241.1
Finance income 1.2 0.4
Finance costs (14.3) (12.9)
Tax paid (20.6) (29.3)
Net cash generated from operating
activities 206.8 199.3
Cash flows from investing activities
Purchase of property, plant and equipment (102.3) (113.7)
Purchase of intangible assets (25.7) (19.6)
Net cash used in investing activities (128.0) (133.3)
Cash flows from financing activities
Issue of senior notes 13 225.0 -
Drawdown of revolving credit facility 13 200.0 6.0
Repayment of term loan and revolving
credit facilities 13 (410.7) -
Settlement/(repurchase) of term loan
facility 13.3 (13.3)
Purchase of treasury shares (15.1) (25.1)
Dividends paid 9 (41.7) (41.4)
Share option receipts - 0.1
Finance lease payments (2.2) (2.3)
Debt issue costs (7.1) (0.5)
Net cash used in financing activities (38.5) (76.5)
Net increase/(decrease) in cash and cash
equivalents 40.3 (10.5)
Net cash and cash equivalents at beginning
of financial year 24.1 34.6
Net cash and cash equivalents at end
of financial year 13 64.4 24.1
The notes on pages 16 to 23 form an integral part of this
condensed consolidated financial information.
1 Basis of preparation
The consolidated financial statements have been prepared on the
going concern basis and in accordance with International Financial
Reporting Standards (IFRS) as adopted for use in the EU and those
parts of the Companies Act 2006 applicable to companies reporting
under IFRS.
The consolidated financial statements have been prepared on the
basis of the accounting policies set out in the financial
statements of Debenhams plc for the financial year ended 30 August
2014. Accounting policies have been consistently applied.
The financial information set out in this document does not
constitute the statutory accounts of the Group for the years ended
30 August 2014 and 31 August 2013 but is derived from the 2014
annual report and financial statements. The annual report and
financial statements for 2013, which were prepared under IFRS, have
been delivered to the Registrar of Companies and the Group's annual
report and financial statements for 2014, prepared under IFRS, will
be delivered to the Registrar of Companies in due course. The
Group's external auditors PricewaterhouseCoopers LLPhave reported
on these accounts and have given an unqualified report which does
not contain a statement under section 498 (2) or (3) of the
Companies Act 2006.
The Group has adopted IAS 19 "Employee benefits" revised. The
revised standard has retrospective application and consequently the
relevant charges or income in the Consolidated Income Statement and
the Consolidated Statement of Comprehensive Income for the year
ended 31 August 2013 have been restated. As a result of the change,
the expected return on pension scheme assets and the interest cost
on pension scheme liabilities are replaced with a net interest
expense calculated by applying the discount rate to the net defined
benefit liability or asset. Administration costs of pension funds
are now recognised as an expense when the administration services
are performed. The table below sets out the changes to comparative
amounts.
52 weeks to 31 August 2013
Previously Application
reported of Restated
GBPm IAS 19 GBPm
revised
GBPm
----------------------------- ------------------ ----------- ------------ ------------
Consolidated income statement
Revenue 2,282.2 - 2,282.2
Cost of sales (1,972.1) (10.5) (1,982.6)
Gross profit 310.1 (10.5) 299.6
Distribution costs (97.4) (0.1) (97.5)
Administrative expenses (44.7) (2.0) (46.7)
Operating profit 168.0 (12.6) 155.4
Finance income 1.5 - 1.5
Finance costs (15.5) (2.4) (17.9)
Profit before taxation 154.0 (15.0) 139.0
Taxation (26.1) 3.0 (23.1)
Profit for the financial year 127.9 (12.0) 115.9
Remeasurements of pension schemes 15.6 15.0 30.6
Taxation relating to the pension schemes
which will not be reclassified (3.8) (3.0) (6.8)
Items that may be reclassified to the
income statement 8.6 - 8.6
Total comprehensive income 148.3 - 148.3
The Group has also adopted Amendments to IFRS 7 "Financial
instruments: disclosures - offsetting financial assets and
financial liabilities" and IFRS 13 "Fair value measurement". The
adoption of these standards has had no material impact on the
Group. All other amendments which apply for the first time in the
current financial year do not impact the consolidated financial
information of the Group. IFRS 13 has affected disclosures only. In
accordance with the transitional provisions of IFRS 13, the Group
has applied the new fair value measurement guidance prospectively
and has not provided any comparative information for new
disclosures. Standards and interpretations in issue, but not yet
effective, are not expected to have a material effect on the
Group's net assets or results.
2 Gross transaction value
Revenue from concession and consignment sales is required to be
shown on a net basis, being the commission received rather than the
gross value achieved on the sale. Management believes that gross
transaction value, which presents revenue on a gross basis before
adjusting for concessions, consignments and staff discounts,
represents a good guide to the overall activity of the Group.
30 August 31 August
2014 2013
GBPm GBPm
------------------------- ---------- ----------
Gross transaction value 2,823.9 2,776.8
A reconciliation of gross transaction value to external revenue
is included in note 3.
3 Segmental reporting
IFRS 8 "Operating segments" requires disclosure of the operating
segments which are reported to the Chief Operating Decision Maker
("CODM"). The CODM has been identified as the Executive Committee,
which includes the executive directors and other key management. It
is the Executive Committee that has responsibility for planning and
controlling the activities of the Group.
The Group's reportable segments have been identified as the UK
and International. The segments are reported to the CODM to
operating profit level, using the same accounting policies as
applied to the Group accounts. Current assets, current liabilities
and non-current liabilities are not reported to or reviewed by the
CODM on the basis of operating segment as these are reviewed on a
Group-wide basis and therefore these amounts are not presented
below.
Segmental analysis of results UK International Total
GBPm GBPm GBPm
Financial year ended 30 August 2014
Gross transaction value 2,275.3 548.6 2,823.9
Concessions, consignments and staff discounts (373.2) (138.0) (511.2)
-------------------------------------------------- -------- -------------- --------
External revenue 1,902.1 410.6 2,312.7
-------------------------------------------------- -------- -------------- --------
Operating profit 96.3 32.3 128.6
-------------------------------------------------- -------- -------------- --------
Other segment items
* Depreciation 78.9 8.6 87.5
* Amortisation 11.7 1.6 13.3
-------------------------------------------------- -------- -------------- --------
Financial year ended 31 August 2013
Gross transaction value 2,254.8 522.0 2,776.8
Concessions, consignments and staff discounts (358.9) (135.7) (494.6)
-------------------------------------------------- -------- -------------- --------
External revenue 1,895.9 386.3 2,282.2
Operating profit - restated(1) 127.2 28.2 155.4
-------------------------------------------------- -------- -------------- --------
Other segment items
* Depreciation 75.3 9.1 84.4
* Amortisation 8.7 1.5 10.2
(1) Restatement relates to the adoption of IAS 19 "Employee
benefits" revised (note 1).
Revenues analysed by country, based on the customers' location,
are set out below:
30 August 31 August
2014 2013
GBPm GBPm
United Kingdom 1,902.1 1,895.9
Denmark 175.8 157.8
Republic of Ireland 135.5 134.3
Rest of the world 99.3 94.2
Total external revenue 2,312.7 2,282.2
Non-current assets, which comprise intangible assets, property,
plant and equipment and other receivables excluding financial
assets, analysed by country, are set out below:
30 August 31 August
2014 2013
GBPm GBPm
United Kingdom 1,532.9 1,515.6
Denmark 23.1 22.1
Republic of Ireland 25.6 30.3
Rest of the world 0.4 0.8
Total non-current assets 1,582.0 1,568.8
The 31 August 2013 comparatives have been restated to exclude
financial assets.
Additions to property, plant and equipment and intangible assets
analysed by operating segment are set out below:
UK International Total
GBPm GBPm GBPm
Financial year ended 30 August 2014 109.1 9.8 118.9
Financial year ended 31 August 2013 124.0 9.6 133.6
4 Operating profit
The following items have been included in arriving at operating
profit:
30 August Restated(1)
2014 31 August
2013
GBPm GBPm
The amounts of inventory written down during
the financial year 10.4 12.0
Cost of inventory recognised as an expense 1,165.0 1,150.2
Employment costs (note 5) 369.2 375.2
Depreciation of property, plant and equipment 87.5 84.4
Amortisation of intangible assets 13.3 10.2
Loss on disposal of property, plant and
equipment 1.4 0.2
Operating lease rentals 216.3 206.9
Foreign exchange gains (1.3) (7.9)
Auditors' remuneration 0.5 0.5
(1) Restatement relates to the adoption of IAS 19 "Employee
benefits" revised (note 1).
5 Employment costs
30 August Restated(1)
2014 31 August
2013
GBPm GBPm
Wages and salaries 334.4 337.6
Social security costs 20.5 21.4
Other pension costs 16.1 14.7
Share-based payments (1.8) 1.5
Employment costs 369.2 375.2
(1) Restatement relates to the adoption of IAS 19 "Employee
benefits" revised (note 1).
6 Finance income
30 August 31 August
2014 2013
GBPm GBPm
Interest on bank deposits 0.2 0.4
Other financing income 0.4 1.1
0.6 1.5
7 Finance costs
Restated(1)
31 August
2013
GBPm
---
30 August
2014
GBPm
----------------------------------------------- --- --- ----------
Recurring finance costs
Interest payable on bank loans and overdrafts 10.9 10.8
Interest payable on senior notes 1.9 -
Cash flow hedges reclassified and reported in
the income statement 2.7 3.3
Amortisation of issue costs on loans
and senior notes 2.0 2.7
Interest payable on finance leases 0.2 0.1
Net interest on net defined benefit pension
schemes liability 0.6 2.4
Other financing costs 1.2 -
Capitalised finance costs - qualifying
assets (0.6) (1.4)
18.9 17.9
Non-recurring finance costs
Unamortised issue costs written off on repayment 4.5 -
of term loan and revolving credit facilities
(1) Restatement relates to the adoption of IAS 19 "Employee
benefits" revised (note 1).
8 Taxation
Analysis of taxation charge to the income statement for the
financial year
Restated(1)
30 August 31 August
2013
2014
GBPm GBPm
-------------------------------------------------------- --------- -------------
Current taxation
Current taxation charge on profit for the financial
year 7.7 36.7
Adjustments in respect of prior financial years (0.8) (10.8)
Current taxation charge 6.9 25.9
-------------------------------------------------------- ----- --------- -------------
Deferred taxation
Origination and reversal of temporary differences 13.0 (5.9)
Pension cost relief in excess of pension charge (0.4) (0.9)
Adjustments in respect of prior financial
years 0.1 1.7
Effects of change in current tax rate
on the net deferred tax asset recognised
at the beginning of the financial year (1.0) 2.3
Deferred taxation charge/(credit) 11.7 (2.8)
---------------------------------------------------------------- --------- -------------
Taxation charge for the financial year 18.6 23.1
(1) Restatement relates to the adoption of IAS 19 "Employee
benefits" revised (note 1).
9 Dividends
30 August 31 August
2014 2013
GBPm GBPm
---------------------------------- ---------- ------------ --------
Final paid 2.4 pence (2013: 2.3 pence) per
GBP0.0001 share
* Settled in cash 29.4 28.9
Interim paid 1.0 pence (2013: 1.0 pence)
per GBP0.0001 share
* Settled in cash 12.3 12.5
-------------------------------------------------- ------------ --------
41.7 41.4
A final dividend of 2.4 pence per share (2013: 2.3 pence per
share) was paid during the financial year in respect of the
financial year ended 31 August 2013, together with an interim
dividend of 1.0 pence per share (2013: 1.0 pence per share) in
respect of the financial year ended 30 August 2014. The directors
are proposing a final dividend in respect of the financial year
ended 30 August 2014 of 2.4 pence per share (2013: 2.4 pence per
share), which will absorb an estimated GBP29.4 million (2013:
GBP29.4 million) of shareholders' equity. It will be paid on 9
January 2015 to shareholders who are on the register of members at
close of business on 5 December 2014. No liability is recorded in
the financial statements in respect of the final dividend as it was
not approved at the balance sheet date.
10 Earnings per share
Basic earnings per share is calculated by dividing the earnings
attributable to ordinary shareholders by the weighted average
number of ordinary shares in issue during the financial year,
excluding any shares purchased by the Company and held as treasury
shares. For diluted earnings per share, the weighted average number
of ordinary shares in issue is adjusted to assume conversion of all
dilutive potential ordinary shares. The Group has one class of
dilutive potential ordinary shares, those share options granted to
employees where the exercise price is less than the market price of
the Company's ordinary shares during the financial year.
30 August 2014 Restated(1)
31 August
Basic and diluted earnings per 2013
share
Basic Diluted Basic Diluted
GBPm GBPm GBPm GBPm
-------------------------- -------------- ---- ----- ------------- ---------- ----------- -----------
Profit for the financial year
after taxation 87.2 87.2 115.9 115.9
Number Number Number Number
m m m m
------------------------------------------ ---- ----- ------------- ---------- ----------- -----------
Weighted average number of shares 1,227.1 1,227.1 1,255.1 1,255.1
Shares held by ESOP (weighted) (0.3) (0.3) (0.6) (0.6)
Shares issuable (weighted) - 1.9 - 2.1
Weighted average number of shares
used in calculating earnings per
share 1,226.8 1,228.7 1,254.5 1,256.6
Pence Pence Pence Pence
per share per per share per share
share
------------------------------------------ ---- ----- ------------- ---------- ----------- -----------
Earnings per share 7.1 7.1 9.2 9.2
(1) Restatement relates to the adoption of IAS 19 "Employee
benefits" revised (note 1).
11 Other non-current liabilities
30 August 31 August
2014 2013
GBPm GBPm
--------------------------------------------- ---------------- ------------
Property lease incentives received 331.7 320.1
Other non-current liabilities 1.0 2.0
Total other non-current liabilities 332.7 322.1
------------------------------------------------------ ------- ------------
Property lease incentives received from landlords either through
initial contributions or rent-free periods are recognised as
non-current liabilities and are credited to the income statement on
a straight line basis over the term of the relevant lease. Property
lease incentives received also relate to the spreading of the
charges in respect of leases with fixed annual increments in rent
(escalating rent clauses) over the term of the relevant lease.
12 Cash generated from operations
Restated(1)
30 August 31 August
2014
GBPm 2013
GBPm
---------------------------------------------------- --- ----------------- ------------
Profit before taxation 105.8 139.0
Depreciation and amortisation 100.8 94.6
Loss on disposal of property, plant and equipment 1.4 0.2
Share-based payment (credit)/charge (1.8) 1.5
Fair value (gains)/losses on derivative instruments (1.1) 2.0
Net movements in provisions 0.4 0.3
Finance income (note 6) (0.6) (1.5)
Finance costs (note 7) 23.4 17.9
Pension current service cost 1.4 1.3
Cash contributions to pension schemes (10.8) (10.4)
Net movement in other long-term receivables 0.2 3.6
Net movement in other non-current liabilities 10.6 0.2
Changes in working capital
Decrease/(increase) in inventories 12.4 (25.5)
Decrease/(increase) in trade and other receivables 2.8 (2.9)
(Decrease)/increase in trade and other payables (4.4) 20.8
Cash generated from operations 240.5 241.1
--------------------------------------------------------------- ------- ------------
(1) Restatement relates to the adoption of IAS 19 "Employee
benefits" revised (note 1).
13 Analysis of changes in net debt
31 August Cash Non-cash 30 August
2013 flow movements 2014
GBPm GBPm GBPm GBPm
-------------------------------- ------------ ------- ------------ ------------
Analysis of net debt
Cash and cash equivalents 27.0 37.4 - 64.4
Bank overdrafts (2.9) 2.9 - -
Net cash and cash equivalents 24.1 40.3 - 64.4
Debt due within one year (158.4) (36.4) (4.0) (198.8)
Debt due after one year (232.8) 15.9 (3.7) (220.6)
Finance lease obligations due
within one year (1.8) 2.2 (3.7) (3.3)
Finance lease obligations due
after one year (3.1) - (0.1) (3.2)
(372.0) 22.0 (11.5) (361.5)
On 2 July 2014, Debenhams plc issued GBP225.0 million of seven
year senior notes at a coupon rate of 5.25%. On 2 July 2014, the
Group cancelled its existing term loan and revolving credit
facility and drew down on a new revolving credit facility amounting
to GBP425.0 million. This new revolving credit facility is due to
expire in October 2018 and contains an option to request an
extension to October 2019.
At 30 August 2014, the Group's drawings under credit facilities
outstanding comprised revolving credit facility drawings of
GBP200.0 million (2013: GBP160.9 million RCF drawings and GBP236.5
million term loan).
During the current and prior financial years, the Group has
complied with its covenants relating to its credit facilities.
Refinancing costs of GBP7.9 million were incurred during the
year ended 30 August 2014 in respect of the negotiation of the new
credit facility and the issue of the senior notes, which will be
amortised over the term of the corresponding borrowings at the
effective interest rate based on the expected amount of those
borrowings. The amortisation charge relating to the issue costs of
the term loan and revolving credit facility was GBP1.9 million for
the year ended 30 August 2014 (2013: GBP2.7 million) and the
amortisation charge relating to the issue costs of the senior notes
was GBP0.1 million for the year ended 30 August 2014 (2013:
GBPnil). The write off of unamortised issue costs in relation to
the cancelled credit facilities was GBP4.5 million for the year
ended 30 August 2014. This has been separately disclosed in the
income statement.
14 Related parties
There have been no significant related party transactions during
the year (2013: none).
15 Financial information
Copies of the statutory accounts will be available from the
Company's registrars, Equiniti Limited, Aspect House, Spencer Road,
Lancing, West Sussex, BN99 6DA (Tel: 0871 384 2766) and at the
Company's registered office, 10 Brock Street, Regent's Place,
London, NW1 3FG.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR BRBDGRGDBGSD
Debenhams (LSE:DEB)
Graphique Historique de l'Action
De Juin 2024 à Juil 2024
Debenhams (LSE:DEB)
Graphique Historique de l'Action
De Juil 2023 à Juil 2024
