DEBENHAMS shares plunged after the retailer issued its third profit warning for 2018, saying market weakness and competitor discounting had hit sales. The department store chain suffered 1.7 per cent drop in like-for-like sales over the 15 weeks to June 16, and said trading was "below plan" in May and early June despite weak comparatives from a year earlier. The disappointing performance has forced the retailer to "reassess" expectations, with full-year pre-tax profits now set to come in between £35 million and £40 million, down from previous estimates of £50.3 million. It marks Debenhams' third profit warning for the year, having first slashed forecasts in January on the back of painful price cuts. Another update in April noted earnings would be at the lower end of forecasts after the retailer was gouged by extreme weather brought in by the Beast from the East. The latest warning - sparked by "increased competitor discounting and weakness in key markets" - sent shares … [Read more...] about Debenhams shares plunge after third profit warning this year
Debenhams
Debenhams warns on profit again, blames weak market
LONDON (Reuters) – Department store Debenhams <DEB.L> warned on profit again on Tuesday, blaming poor trading on increased competitor discounting and weakness in key markets. The firm said it is now forecasting a pretax profit for the 2018 financial year of 35-40 million pounds compared to current market expectations of 50.3 million pounds. Debenhams said group like-for-like sales fell 1.7 percent in the 15 weeks to June 16. (Reporting by James Davey, Editing by Paul Sandle) … [Read more...] about Debenhams warns on profit again, blames weak market
Debenhams blames competitor discounting and weak markets for profit warning
News / UK and world by Press Association June 19, 2018, 7:50 am FacebookTwitterLinkedInWhatsAppEmail Sign up to our Daily newsletter Debenhams is to drive through further cost cuts after issuing a fresh profit warning on the back of market weakness and competitor discounting. The department store chain said trading was “below plan” in May and early June, despite weak comparatives, forcing it to “reassess” expectations for the remainder of the year. The retailer now expects full-year pre-tax profits to come in between £35 million and £40 million, down from previous estimates of £50.3 million. It means further cost cuts are on the horizon, which Debenhams said will be focused on “self-help and prioritising cash generation”. “We also intend to conduct a strategic review of non-core assets, aiming to focus investment behind our strategy,” it added. The company stopped short of announcing store … [Read more...] about Debenhams blames competitor discounting and weak markets for profit warning
Queen watches Windsor Horse Show wrapped in head scarf and £70 Debenhams coat a week before Meghan Markle and Prince Harry’s wedding
THE Queen wrapped up warm in a head scarf and £70 Debenhams coat as she enjoyed the Windsor Horse Show. Her Majesty was in high spirits in the private grounds of Windsor Castle where Prince Harry and Meghan Markle are set to wed next week. On the penultimate day of the equestrian event, The Queen opted to re-wear the DAvid Barry quilted jacket and chic blue tartan skirt she wore yesterday. The Queen has not missed the event since it was first held in 1943 in a bid to help raise money for the war effort. Joining hundreds of public spectators, she was spotted giggling with organisers and holding a green rosette. The 92-year-old monarch was joined by her daughter-in-law Sophie Countess of Wessex and granddaughter Lady Louise Windsor, 14. Her appearance today despite dreary weather conditions, comes after Prince Phillip was spotted speaking to Queen Elizabeth in his Land Rover during the show yesterday. Philip, who was pictured for the first time since leaving hospital after his … [Read more...] about Queen watches Windsor Horse Show wrapped in head scarf and £70 Debenhams coat a week before Meghan Markle and Prince Harry’s wedding
Debenhams builds personal finance offer with Western Union partnership
News / UK and world by Press Association April 23, 2018, 12:58 pm FacebookTwitterLinkedInWhatsAppEmail Sign up to our Daily newsletter Debenhams is expanding its foreign exchange services as part of plans to widen its appeal to customers. The department store is partnering with Western Union in 112 of its stores to offer global money transfer to shoppers. Western Union already partners with several major retailers – including John Lewis, WHSmith and Sainsbury’s. The news comes as Debenhams pushes ahead with plans to improve its consumer offering amid flagging sales and profits. Debenhams saw its half-year profits plunge nearly 85% from £87.8 million to just £13.5 million over the 26 weeks to March 3, with like-for-like sales falling by 2.2%. The department store is facing severe structural pressures and the firm has started shifting its focus away from fashion towards beauty products and gifts. Announcing its partnership with Western … [Read more...] about Debenhams builds personal finance offer with Western Union partnership