Thursday 29 September 2016

Debenhams says on track to meet year expectations

Published 25/06/2015 | 07:33

Devotion: Kim Kardashian and contouring
Devotion: Kim Kardashian and contouring

British department store chain Debenhams said it remained on track to deliver full year results in line with market expectations despite seeing no underlying sales growth over its third quarter.

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Britain's No.2 department stores chain behind John Lewis said on Thursday sales at stores open over a year were flat over the 15 weeks to June 13, versus analysts' third quarter forecasts of down 2 percent to up 0.5 percent.

The performance followed first half growth of 1.3 percent, which was enhanced by 1 percent from the shift of a key sale period from the third to the second quarter.

The firm said gross margin guidance for the 2014-15 year was unchanged and it was on track to achieve pretax profit expectations of £111m versus £110m made in the previous year.

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