Debenhams PLC - Interim Results
20 Avril 1999 - 9:31AM
UK Regulatory
RNS No 8779t
DEBENHAMS PLC
20 April 1999
DEBENHAMS PLC
INTERIM RESULTS FOR THE 26 WEEKS ENDED 27 FEBRUARY 1999
Highlights
* Profit before tax up 3.0% at #79.4 million (1998: #77.1m)
* Total sales up 2.0% at #785.2 million (1998: #770.2m)
* Like for like sales improved in the final 6 weeks, ending the half down
1.9%
* Gross margin up 0.2 percentage points
* Like for like costs down approximately 2.0%
* Earnings per share up 2.2% at 14.1p (1998: 13.8p)
* Interim dividend per share of 4.1p (1998: 3.9p)
* Cash inflow of #40.2 million in the first half
Commenting on the results and current trading, Peter Jarvis, Chairman, said:
"This sound performance gives us further confidence in our established
strategy and demonstrates our ability to drive the business forward in a
difficult market whilst increasing the gross margin and controlling costs.
For the first 7 weeks of the current half, to Saturday 17 April 1999, total
sales were ahead of last year and like for like sales showed a decrease, at a
level similar to that in the first half. The gross margin was substantially
up for the first 7 weeks. We are again making good progress in the area of
cost control, although the absolute level of cost growth will be greater in
the second half than the first half."
For further information:
Matthew Roberts Finance Director
0171 408 3229
Joanna Lane-Jones Head of Corporate Communications
0171 408 3459
Martin Leeburn Maitland Consultancy
0171 379 5151
DEBENHAMS PLC
INTERIM RESULTS FOR THE 26 WEEKS ENDED 27 FEBRUARY 1999
RESULTS:
Total sales for the 26 weeks to 27 February 1999 increased by 2.0% to #785.2
million. Like for like sales were down 1.9%. Profit before tax advanced by
3.0% to #79.4 million. The gross margin as a percentage of sales was up 0.2%
and like for like costs fell by approximately 2.0% on the year.
The Company is anticipating a tax charge of 33% for the full year.
CAPITAL INVESTMENT AND CASH FLOW:
Total capital investment in the first half was #57.0 million and is expected
to be in the region of #110 million for the full year.
Cash generated from operating activities was #124.7 million in the first half
to 27 February 1999. After capital investment, interest, tax and dividends
the Company generated a net cash inflow of #40.2 million.
As at 27 February 1999, old season stocks were at a similar level to the
previous year.
NET DEBT, INTEREST COVER AND GEARING:
As at 27 February 1999, the Company had net debt of #50.4 million. Interest
cover was 20.9 times and gearing was 9.1%.
EARNINGS PER SHARE:
As at 27 February 1999, earnings per share were 14.1p, an increase of 2.2% for
the ongoing business.
DIVIDEND PER SHARE:
The Board has declared an interim dividend of 4.1p per share, which will be
paid on 6 August 1999 to shareholders on the Register at the close of
business on 2 July 1999.
CURRENT TRADING:
For the first 7 weeks of the current half, to Saturday 17 April 1999, total
sales were ahead of last year and like for like sales showed a decrease, at a
level similar to that in the first half. The gross margin was substantially up
for the first 7 weeks. We are again making good progress in the area of cost
control, although the absolute level of cost growth will be greater in the
second half than the first half.
CHIEF EXECUTIVE'S REVIEW
At Debenhams, we aim to constantly improve the value we offer our customers,
whilst at the same time improving margins. Driving profit density remains the
key priority. Our expansion programme through our extensive new store
openings, combined with our international franchising, home shopping and
Internet developments will be a key driver of future sales.
According to independent research carried out by Verdict, Debenhams has a 32%
share of the department store clothing market. Debenhams' recently won Retail
Week's "1999 Retailer of the Year" award and the Tommy's Campaign "1999 Most
Family Friendly Department Store" award.
ORGANIC GROWTH:
Brand development
Consumers are becoming increasingly conscious of brands, with a higher share
of consumer spend being directed at branded products. Over the last seven
years we have launched more than 50 own brands. Brands exclusive to Debenhams
account for 50% of our turnover. During the last six months, we have launched
several new brands including XPG, Hyphen, Vicenza and Osborne. The success of
our own brand development accounts for the majority of the increase in our
total sales in the first half, when volumes have remained flat.
We complement our own brands with leading national and international brands.
We have continued to extend this offering over the last six months and have
introduced a number of internationally renowned labels such as Berghaus, Nancy
Gantz and Karrimor.
"Designers at Debenhams" continues to be an integral part of our strategy. We
are now working with over 20 leading UK designers who produce exclusive ranges
in clothing, accessories and home products. We have recently introduced
several new designer ranges such as O-Z by Ozwald Boateng and others by Orla
Kiely and John Richmond.
Customer service
Customer service continues to be a priority for Debenhams. Over the last 2
years we have been ranked number one for customer service by NOP. This has
been achieved by offering our customers a comprehensive range of added value
services and extending the benefits for our Gold Card holders. In addition, we
are developing a Special Order service, allowing our customers to order
products that are not available in their local stores.
We have extended our "5 Star" promotional calendar. These unique, third party
offers reward our customers for spending more in our stores and add real
value. The offers change on a regular basis and generate strong incremental
sales.
Margin growth
For the first half, the gross margin was up by 0.2 percentage points. We
maintained our prime trading stance in the run up to Christmas. We will
continue to maximise the number of full price trading weeks in order to
protect the gross margin.
We are in the process of implementing a Global Sourcing Policy that will
enhance the buying in margin through better negotiations with a smaller number
of suppliers. Within this Policy, we have introduced Product Cost Managers to
work with suppliers and support our buying and merchandising teams in making
sourcing decisions, allowing our buyers to focus on product.
In addition, we have recently reorganised the buying and merchandise teams and
now employ design teams on a freelance basis. The reorganisation has resulted
in shorter reporting lines to ensure that new concepts are delivered to the
market more quickly.
Our policy to offer improving values whilst moving from lower to higher margin
merchandise, has had a positive effect on the gross margin. This has been
enhanced by the continued move from concession to own bought business, the
level of which will increase by 2% to 73% this financial year. We anticipate
that this trend will continue for the foreseeable future.
Cost control
Like for like costs fell by approximately 2.0% during the first half. We have
taken a number of proactive measures to reduce the cost base and move it from
fixed to variable where possible.
The absolute level of cost growth will be greater in the second half in
comparison to the first half. This is because of factors such as the timing
of the demerger savings and the phasing of costs resulting from the new store
openings.
EXPANSION:
New stores
During the first half of the financial year we opened four stores; Leeds
Briggate, Brighton, Hanley and Trafford Centre, bringing the total number of
stores in the UK and Republic of Ireland to 90. The trading impact of the
Trafford Centre on the neighbouring Debenhams stores has been less than
originally anticipated.
The new store opening programme, announced since the demerger, remains
unchanged and will result in Debenhams operating over 100 stores in the
British Isles by 2003. The 8 new stores opened over the last 3 years are
trading substantially ahead of our expectations.
Our average trading space is currently 6.7m sq ft and the 15 new
stores/relocations planned for the next 4 years will add a further 20% to the
trading space.
Modernisations
Modernising a store increases its profitability. This is achieved by
enhancing the shopping environment, using the opportunity to increase
significantly the level of own bought product mix and, in some locations, by
releasing extra trading space.
During the first half of the financial year stores in Norwich, Edinburgh and
Aberdeen were modernised. Glasgow, Bromley and Oxford Street will be
completed during the second half. The 14 most recently modernised stores
opened over the last 3 years are trading comfortably ahead of our
expectations.
International Franchises
During the first half we opened franchise stores in Kuwait and Dubai. We are
pleased to announce today that we have signed an agreement to open a new
international store in Riyadh with our Middle Eastern franchise partner M.H.
Alshaya. The store is scheduled to open in October 2000.
Home shopping and Internet
In December 1998, we announced a joint venture with Freemans which will
provide us with the fulfilment and distribution capabilities we require to
compete in the direct mail market.
In the Autumn we produced a Christmas Gift catalogue and more recently we
launched our first Direct Home collection. We are planning to produce two
branded catalogues for Autumn/Winter 1999, one featuring products for the home
and the other focusing on Christmas gift ideas.
"Debenhams Direct", our first big book, is schedule to be published in Spring
2000. It will contain a range of merchandise from both Debenhams and
Freemans. The 500-600 page catalogue will include an extensive range of
products including our own brands and items not normally available at
Debenhams, such as white goods and furniture.
The total number of visits to our website has increased threefold over the
last year and over 30% of these customers view our wedding lists. We now
operate the largest Bridal List service in the UK. In order to meet customer
demand, we are developing the first on-line wedding gift service in the UK
that will be fully operational in the Autumn. In addition, we are developing
plans to expand our Internet activity through our Intercafe and our web-site.
PERSONNEL:
In March, we announced the appointments of Belinda Earl (aged 37) and Michael
Sharp (aged 41) as Executive Directors. They have more than 30 years combined
service in the retail industry and extensive knowledge of Debenhams.
A new all Employee Share Option Scheme was approved at the Annual General
Meeting in January. As a result, over 17,000 of our permanent employees with
contracted hours had an option to buy shares in the Company. We believe that
our share schemes are a powerful means of motivating and rewarding our staff.
CALENDAR:
It is our intention to make a commentary on current trading on 20 July 1999
and our Preliminary results announcement is scheduled for 19 October 1999.
Terry Green
Chief Executive
Consolidated profit and loss account
For the 26 weeks ended 27 February 1999
Unaudited Unaudited
Ongoing Ongoing
business business
Unaudited pro forma pro forma
26 weeks to 26 weeks to 52 weeks to
27 February 28 February 29 August
1999 1998 1998
#m #m #m
----------- ----------- -----------
Turnover 785.2 770.2 1,365.8
Trading profit 83.4 81.8 146.1
Net interest payable and similar (4.0) (4.7) (7.5)
charges
----------- ----------- -----------
Profit on ordinary activities 79.4 77.1 138.6
before taxation
Taxation (26.2) (25.0) (44.9)
----------- ----------- -----------
Profit for the financial period 53.2 52.1 93.7
Dividends (15.5) (14.7) (37.0)
----------- ----------- -----------
Retained profit 37.7 37.4 56.7
----------- ----------- -----------
Earnings per share*
- Basic 14.1p 13.8p 24.9p
- Diluted 14.1p 13.8p 24.8p
Dividends per ordinary share 4.1p 3.9p 9.8p
The profit and loss account for the 26 weeks ended 27 February 1999 represents
the actual results of the Debenhams plc group ("the Group").
The ongoing business pro forma consolidated profit and loss accounts for the
26 weeks ended 28 February 1998 and the 52 weeks ended 29 August 1998 present
the results of the ongoing business of the Group as if the arrangements
following demerger from the Burton Group on 26 January 1998 had been in place
throughout both periods reported. Adjustments have been made to eliminate the
trading of the discontinued operations and illustrate the effect of the post-
demerger financing and tax arrangements.
Note:
*The calculation of earnings per share is based on the profit for the
financial period or, where applicable, the ongoing business pro forma profit
for the financial period and the basic weighted average number of ordinary
shares in issue of 377.1 million (1998: 376.6 million) or the fully diluted
weighted average number of ordinary shares in issue of 378.2 million (28
February 1998: 377.2 million, 29 August 1998: 377.5 million).
In accordance with Financial Reporting Standard 14 the basic weighted
average number of shares has been adjusted for the 0.7 million (1998: 1.2
million) shares held by Arcadia Group ESOPs on behalf of the Group. The
dilutive potential ordinary shares arise from employee share and incentive
plans. Figures for 1998 have been restated accordingly.
Consolidated profit and loss account - statutory basis
For the 26 weeks ended 27 February 1999
Unaudited Unaudited Audited
26 weeks to 26 weeks to 52 weeks to
27 February 28 February 29 August
Note 1999 1998 1998
#m #m #m
----------- ----------- -----------
Turnover 2
Continuing operations 785.2 770.2 1,365.8
Discontinued operations - 312.3 312.3
----------- ----------- -----------
Total turnover 785.2 1,082.5 1,678.1
Trading profit
Continuing operations 83.4 81.8 146.1
Discontinued operations - 36.3 36.3
----------- ----------- -----------
Total trading profit 83.4 118.1 182.4
Profit on disposal 3 - 128.7 128.7
of subsidiary
undertakings
Net interest 4 (4.0) (4.7) (7.5)
payable and similar
charges
----------- ----------- -----------
Profit on ordinary 79.4 242.1 303.6
activities before
taxation
Taxation 5 (26.2) (35.6) (55.7)
----------- ----------- -----------
Profit for the 53.2 206.5 247.9
financial period
Dividends - Paid to - (194.3) (194.3)
Burton Group
- Payable to (15.5) (14.7) (37.0)
shareholders
----------- ----------- -----------
Total dividends 6 (15.5) (209.0) (231.3)
payable
----------- ----------- -----------
Retained 37.7 (2.5) 16.6
profit/(loss) ----------- ----------- -----------
Earnings per share 7
- Basic 14.1p 54.8p 65.8p
- Diluted 14.1p 54.7p 65.7p
Dividends per 6
ordinary share
- Paid to Burton n/a 51.4p 51.4p
Group
- Payable to 4.1p 3.9p 9.8p
shareholders
Consolidated balance sheet
At 27 February 1999
Unaudited Unaudited Audited
At At At
27 February 28 February 29 August
Note 1999 1998 1998
#m #m #m
----------- ----------- -----------
Fixed assets
Tangible assets 725.0 664.8 705.0
Investment in own 1.3 1.3 0.8
shares
----------- ----------- -----------
726.3 666.1 705.8
Current assets
Stocks 171.7 162.1 173.0
Debtors 27.3 43.1 28.5
Cash at bank and in hand 27.7 17.7 8.6
----------- ----------- -----------
226.7 222.9 210.1
Creditors: amounts
falling due within
one year
Funding debt 17.6 12.3 35.0
Other creditors 285.3 284.2 273.1
----------- ----------- -----------
302.9 296.5 308.1
----------- ----------- -----------
Net current (76.2) (73.6) (98.0)
liabilities
----------- ----------- -----------
Total assets less 650.1 592.5 607.8
current liabilities
Creditors: amounts
falling due after
more than one year
Funding debt 60.5 66.2 63.4
Provisions for 34.9 28.4 27.4
liabilities and
charges
----------- ----------- -----------
Net assets 554.7 497.9 517.0
----------- ----------- -----------
Capital and reserves
Called up share capital 37.8 37.8 37.8
Other reserves 43.2 43.2 43.2
Profit and loss account 473.7 416.9 436.0
----------- ----------- -----------
Shareholders' funds 8 554.7 497.9 517.0
- Equity interests ----------- ----------- -----------
Gearing 9.1% 12.2% 17.4%
Consolidated cash flow statement
For the 26 weeks ended 27 February 1999
Unaudited Unaudited Audited
26 weeks to 26 weeks to 52 weeks to
27 February 28 February 29 August
Note 1999 1998 1998
#m #m #m
----------- ----------- -----------
Net cash 9 124.7 (59.0) (29.2)
inflow/(outflow)
from operating
activities
Returns on (1.5) (4.0) (6.1)
investment and
servicing of
finance
Taxation paid (3.7) (0.1) (19.8)
Capital expenditure (57.0) (68.3) (89.9)
Acquisitions and - 919.2 919.2
disposals
Equity dividends (22.3) (281.3) (296.0)
paid
----------- ----------- -----------
Cash inflow before 40.2 506.5 478.2
financing
Financing
Capital contribution - 197.2 197.2
Repayment of capital element of - (47.5) (47.5)
property leases
Parent company loans - (681.9) (681.9)
Repayment of other loans (3.4) (16.1) (19.3)
----------- ----------- -----------
Net cash outflow from financing (3.4) (548.3) (551.5)
----------- ----------- -----------
Increase/(decrease) in cash 36.8 (41.8) (73.3)
----------- ----------- -----------
Reconciliation of net debt:
Opening net debt (89.8) (81.8) (81.8)
Increase/(decrease) in cash 36.8 (41.8) (73.3)
Cash outflow from 3.4 63.6 66.8
movement in debt
and lease financing
Other non-cash movement (0.8) (0.8) (1.5)
----------- ----------- -----------
Closing net debt (50.4) (60.8) (89.8)
----------- ----------- -----------
Statement of total recognised gains and losses
For the 26 weeks ended 27 February 1999
26 weeks to 26 weeks to 52 weeks to
27 February 28 February 29 August
1999 1998 1998
#m #m #m
----------- ----------- -----------
Profit for the 53.2 206.5 247.9
financial period
Capital contribution - 197.2 197.2
----------- ----------- -----------
Total recognised 53.2 403.7 445.1
gains and losses ----------- ----------- -----------
relating to the
period
Note of historical cost profits and losses
For the 26 weeks ended 27 February 1999
There is no significant difference between the results shown in the profit and
loss account and the results as stated on an unmodified historical cost basis.
Notes to the accounts
For the 26 weeks ended 27 February 1999
1 Basis of preparation
The interim financial statements have been prepared on the basis of the
accounting policies set out in the financial statements of Debenhams plc
for the year ended 29 August 1998, as amended by:
* Financial Reporting Standard 11 'Impairment of Fixed Assets and
Goodwill', the adoption of which does not result in any adjustment to the
financial statements;
* Financial Reporting Standard 12 'Provisions, Contingent Liabilities and
Contingent Assets', the adoption of which results in the restatement of
creditors and provisions for liabilities and charges to reflect the
reclassification of provisions from creditors to provisions for
liabilities and charges;
* Financial Reporting Standard 14 'Earnings per Share', the adoption of
which results in the restatement of basic and diluted earnings per share
as explained in note 7 to the accounts.
The results for the 26 weeks to 27 February 1999 have been reviewed and
reported on by PricewaterhouseCoopers, the Group's Auditors.
As part of the demerger from The Burton Group plc ("Burton Group") (now
known as Arcadia Group plc) on 26 January 1998, certain subsidiaries were
transferred to the Burton Group. The results of these subsidiaries up to
the date of disposal have been consolidated and disclosed as discontinued
operations in the consolidated profit and loss accounts for the 26 weeks to
28 February 1998 and the 52 weeks to 29 August 1998.
The ongoing business pro forma consolidated profit and loss accounts for
the 26 weeks ended 28 February 1998 and the 52 weeks ended 29 August 1998
present the results of the ongoing business of the Group as if the
arrangements following demerger from the Burton Group on 26 January 1998
had been in place throughout both periods reported. Adjustments have been
made to eliminate the trading of the discontinued operations and illustrate
the estimated effect of the post-demerger financing and tax arrangements.
2 Turnover
The Group has one class of business, retailing, and operates in one
geographic region comprising the UK and Ireland.
3 Profit on disposal of subsidiary undertakings
On 25 November 1997, in preparation for the demerger of Debenhams plc, the
Group realised a profit of #128.7 million from the sale of its interests in
Burton Fashion Holdings Limited, Burton Group Properties Limited and Burton
Group Investments Limited. In accordance with the provisions of UITF
Abstract 3 the profit on disposal was calculated net of #126.5 million of
purchase goodwill previously eliminated against reserves.
4 Net interest payable and similar charges
26 weeks to 26 weeks to 52 weeks to
27 February 28 February 29 August
1999 1998 1998
#m #m #m
----------- ----------- -----------
Payable on bank (2.1) (5.9) (6.8)
loans and
overdrafts
repayable within 5
years
Payable on (0.1) (0.2) (0.4)
debenture loans
repayable within 5
years
Rentals payable on (2.3) (1.6) (3.4)
property lease
obligations
----------- ----------- -----------
(4.5) (7.7) (10.6)
Interest receivable 0.5 3.0 3.1
----------- ----------- -----------
Net interest (4.0) (4.7) (7.5)
payable and similar ----------- ----------- -----------
charges
5 Taxation
The tax charge reflects the full year's estimated effective rate of 33%.
6 Dividends
26 weeks to 26 weeks to 52 weeks to
27 February 28 February 29 August
1999 1998 1998
#m #m #m
----------- ----------- -----------
Pre-demerger - 25.0 25.0
ordinary dividend
paid to Burton Group
Ordinary dividend - 169.3 169.3
paid to Burton Group
Interim ordinary 15.5 14.7 14.7
dividend declared -
4.1p (1998 paid: 3.9p)
Final ordinary - - 22.3
dividend paid
(1998: 5.9p)
----------- ----------- -----------
15.5 209.0 231.3
----------- ----------- -----------
During the year ended 29 August 1998, in accordance with the demerger
agreement a pre-demerger dividend of 6.6 pence per share totalling #25.0
million and an ordinary dividend of 44.8 pence per share totalling #169.3
million was paid to Burton Group to facilitate the demerger.
The directors have declared a 1999 interim dividend to ordinary
shareholders of 4.1 pence per share.
7 Earnings per share
Basic and diluted earnings per share have been calculated in accordance
with Financial Reporting Standard 14, which was issued in October 1998,
based on:
26 weeks to 26 weeks to 52 weeks to
27 February 1999 28 February 1998 29 August 1998
---------------------------------------------------------------
Weighted Weighted Weighted
average average average
number number number
Earnings of shares Earnings of shares Earnings of shares
#m m #m m #m m
------------------- ------------------- -------------------
Basic 53.2 377.1 206.5 376.6 247.9 376.6
earnings/
number of
shares
Dilutive - 1.1 - 0.6 - 0.9
potential
ordinary
shares
Diluted 53.2 378.2 206.5 377.2 247.9 377.5
earnings/
number of
shares
pence pence pence
Basic 14.1 54.8 65.8
earnings
per
ordinary
share
Diluted 14.1 54.7 65.7
earnings
per
ordinary
share
The calculation of earnings per share is based on the profit for the
financial period.
The basic weighted average number of shares has been adjusted for the 0.7
million (1998: 1.2 million) shares held by Arcadia Group ESOPs on behalf of
the Group. The dilutive potential ordinary shares arise from employee
share and incentive plans. Figures for 1998 have been restated
accordingly.
8 Reconciliation of movements in shareholders' funds
26 weeks to 26 weeks to 52 weeks to
27 February 28 February 29 August
1999 1998 1998
#m #m #m
----------- ----------- -----------
Profit for the 53.2 206.5 247.9
financial period
Dividends (15.5) (209.0) (231.3)
----------- ----------- -----------
Retained profit/(loss) 37.7 (2.5) 16.6
Goodwill written back - 126.5 126.5
Capital contribution - 197.2 197.2
----------- ----------- -----------
Net addition to 37.7 321.2 340.3
shareholders' funds
Opening shareholders' funds 517.0 176.7 176.7
----------- ----------- -----------
Closing shareholders' funds 554.7 497.9 517.0
----------- ----------- -----------
9 Reconciliation of operating profit to net cash flow from operations
26 weeks to 26 weeks to 52 weeks to
27 February 28 February 29 August
1999 1998 1998
#m #m #m
----------- ----------- -----------
Trading profit 83.4 118.1 182.4
Depreciation charges 20.5 29.5 51.9
Asset write-offs 1.5 - 6.6
Decrease/(increase) 1.3 (66.6) (77.5)
in stocks
(Increase)/decrease (0.3) 23.1 (24.9)
in debtors
Increase /(decrease) 18.3 (159.2) (159.4)
in creditors and
provisions
Exceptional items - (3.9) (8.3)
----------- ----------- -----------
Net cash 124.7 (59.0) (29.2)
inflow/(outflow) ----------- ----------- -----------
from operating
activities
10 Millennium
As reported in the Company's Report and Accounts for the year ended 29
August 1998 published in November last year, the Company has reviewed the
many possible types of Year 2000 transition problems with computer systems
and other equipment containing embedded date-aware microchips. The Group's
program to ensure the business will not be affected by the Millennium date
change has been running for over two years and is largely complete in
projects that include suppliers, facilities and electronic commerce.
Remedial action has been undertaken in relation to all critical business
systems and the testing of these is largely complete. Progress is
regularly monitored by senior management and involves continuing
collaboration with key business partners. However it must be recognised
that there are factors outside the Group's sphere of influence which could
be affected by the Millennium date change. Where possible, contingency
plans are in place to cater for any disruptions that may result from them.
As previously indicated, the total cost of modifications to computer
hardware and software over the life of the program is estimated at under
#3.0 million, the majority of which is substitutional, and will be charged
to the profit and loss account as incurred. Of this total cost,
expenditure of #1.9 million has been incurred to date with the majority of
the balance expected to be spent during the current financial year.
11 Financial information
The financial information in this statement does not constitute full
statutory accounts within the meaning of Section 240 of the Companies Act
1985. The statutory accounts of Debenhams plc for the year ended 29 August
1998, which received an unqualified audit report, have been filed with the
Registrar of Companies. The statement of interim results will be sent to
the holders of the Company's listed securities.
Copies will be available at the Company's Registrar - Computershare
Services PLC, Registrars Department, PO Box 82, Caxton House, Redcliffe
Way, Bristol, BS99 7NH (Telephone 0117 930 6610), and at the Company's
registered office, 1 Welbeck Street, London, W1A 1DF from the date of
posting.
REVIEW REPORT BY THE AUDITORS
Review Report by PricewaterhouseCoopers to the Board of Directors of Debenhams
plc
Interim financial information
We have reviewed the interim financial information of Debenhams plc and its
subsidiaries for the 26 weeks ended 27 February 1999 which is the
responsibility of, and has been approved by, the Directors. Our
responsibility is to report on the results of our review.
Our review was carried out having regard to the Bulletin "Review of Interim
Financial Information" issued by the Auditing Practices Board. This review
consisted principally of applying analytical procedures to the underlying
financial data, assessing whether accounting policies have been consistently
applied, and making enquiries of management responsible for financial and
accounting matters. The review excluded audit procedures such as tests of
controls and verification of assets and liabilities, and was therefore
substantially less in scope than an audit performed in accordance with
auditing standards. Accordingly, we do not express an audit opinion on the
interim financial information.
On the basis of our review:
* in our opinion the interim financial information has been prepared using
accounting policies consistent with those set out in the financial
statements of Debenhams plc for the year ended 29 August 1998, as amended by
the adoption of Financial Reporting Standards 11, 12 and 14 as disclosed in
note 1.
* we are not aware of any material modifications that should be made to the
interim financial information as presented.
PricewaterhouseCoopers 1 Embankment Place
Chartered Accountants London
WC2N 6NN
END
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