Debenhams plc Response to media speculation (2985A)
10 Septembre 2018 - 2:08PM
UK Regulatory
TIDMDEB
RNS Number : 2985A
Debenhams plc
10 September 2018
10 September 2018
This announcement contains inside information
DEBENHAMS PLC
Response to media speculation
Following recent media speculation, Debenhams plc, the
international department store group, is providing the following
update:
Recent trading performance
Debenhams will issue preliminary results on 25 October 2018.
Subject to audit, we expect to report pre-exceptional pre-tax
profit for FY2018 of around GBP33m, within the current market range
of GBP31m to GBP36.5m(1) , and EBITDA of around GBP157m. Consistent
with our focus on managing cost and cash generation, we anticipate
year end net debt will be approximately GBP320m, in line with
guidance and retaining significant headroom on our GBP520m medium
term facilities. We have continued to strengthen our financial
position, including increasing headroom on our fixed charge
covenant as announced on 1 August 2018, in order to give us
comfortable liquidity through the peak borrowing period, ensuring
maximum flexibility amidst volatile market trading conditions. The
early weeks of the new season have shown more positive trends and
any sustained upturn would result in a rebound in our profit
performance.
We continue to focus on our priority actions to mitigate current
market conditions and drive progress in FY2019 and shareholders
will have an opportunity to see the Debenhams Redesigned strategy
in action at our new Watford store on 24 September 2018.
Sergio Bucher, CEO, commented:
"The market environment remains challenging and underlying
trends deteriorated through the summer months. Nevertheless the
product and format improvements we have tested are gaining traction
and we are ready to scale up some of our strategic activity ahead
of peak. Having put in place a leaner operational structure and
strong leadership team, and taken action to strengthen our
financial position, we are well equipped to navigate these market
conditions and take advantage of any trading opportunities that
emerge."
Sir Ian Cheshire, Chairman, noted:
"As we stated in June, the board continues to work with its
advisers on longer term options, which include strengthening our
balance sheet and reviewing non-core assets. This activity is in
order to maximise value for shareholders and protect other
stakeholders, including our employees."
[ENDS]
Enquiries
Analysts and Investors
Katharine Wynne, Debenhams plc 020 3549 6304
Media
Tim Danaher/Helen Smith, Brunswick Group 020 7404 5959
(1) Company-compiled consensus published on
www.debenhamsplc.com
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END
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