Business Irish

Saturday 18 November 2017

Debenhams' Irish stores' revenue falls €10m

John Mulligan

John Mulligan

REVENUES at Debenhams' 11 stores in Ireland slipped to £150.4m (€169.6m) in the year to the end of August, from £160m (€180m) in the previous financial year, the company revealed yesterday in its full-year results.

The UK's second biggest department store chain, Debenhams released figures that showed its headline pre-tax profit for the period jumped almost 21pc to £151m, while net debt was drastically reduced, from £517m to £73.5m.

Although like-for-like sales were flat, own-label fashions helped to boost profitability.

The retailer is planning to pay its first dividend in two and a half years in 2011.

Chief executive Rob Templeman said he was pleased with the performance in what was a year of structural change for Debenhams.

"We had said that we would judge our success this year in terms of profit growth, and we believe an increase in headline profit before tax of more than 20pc on a one-year basis and 37pc on a two year basis is a creditable performance."

Mr Templeman wouldn't rule out making further acquisitions.

Shares in the retailer jumped as investors were buoyed by the results. The stock closed up 6pc at over 76p, having risen as much as 9pc earlier.

Irish Independent

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