SHARES in Debenhams - Britain’s second biggest department store operator – slumped more than 6pc this morning even after it posted a rise in sales and a surge in online business.
Debenhams’ like-for-like sales in the 18 weeks to January 5 rose 2.9pc. Its online sales jumped 39pc in the period, higher than expectations.
Analysts were impressed with the performance, notwithstanding the shareprice decline.
“We maintain our view that Debenhams is still at the relatively early stages of sales-led recovery with an excellent management team and strategy in place,” said analyst Sanjay Vidyarthi at Espirito Santo.