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Sales up as shoppers flock to Debenhams
Evening Standard23.04.09
IF the bosses of Marks & Spencer, TopShop and Next want to know where their customers have gone they should ask Debenhams and its chief executive Rob Templeman.
Shoppers appear to be flocking to the department store — especially its new flagship store in Westfield, Shepherds Bush — where they can be dazzled by designs from Julien MacDonald, Betty Jackson and John Rocha.
The department store group said profits in the six months to the end of February were up 10% at £104 million and sales since then have risen 6.1%, with like-for-likes through the spring showing growth of 1.9%. Debenhams' shares jumped 13½p to 77p on the news this afternoon.
Templeman said: “The consumer is either looking for incredibly good value or excellent style and quality and our designers' ranges are up 11%… These ranges are exclusive but affordable.”
Despite the upbeat message, Debenhams is groaning under £925 million of debt and has decided, along with many others, to scrap its dividend. Last year's interim was 2.5p and Templeman gave no sign there would be a final payout.
