Sales boost means Debenhams will make year profit forecasts
Published 17/09/2013 | 07:32
DEBENHAMS will meet forecasts for 2012-13 profit as sales growth picked-up in its fourth quarter, Britain's second biggest department store group said today.
The 200-year-old firm, which trails employee-owned John Lewis by annual sales, said sales at stores open over a year rose 2pc in the year to August 31.
That compares with a flat outcome in the 16 weeks to June 22, its fiscal third quarter, and was in line with analysts' forecasts.
Prior to the update analysts were on average forecasting a full year pretax profit of about £153m, down from £158.3m in 2011-12.
Forecasts had been cut after a profit warning in March that was blamed on January snow.