Debenhams continues to increase profits
Debenhams has experienced a strong first half of the year and continues to perform well in a tough economic climate.
Chief Executive of department store retailer Debenhams Rob Templeman has expressed his happiness at the firm’s half-year results, which were published today (March 16th).
First-half trading at the retail giant showed how the company has made further progress in terms of profit and growth.
During the period Debenhams acquired Norwegian retail firm Magasin du Nord and opened four new UK outlets, and even when discounting the Scandinavian takeover gross transaction value was up by 1.7 per cent up on the same period last year.
Like-for-like sales grew by 0.3 per cent during this time and there are encouraging signs for the second half of the year with the new flagship store in Eldon Square, Newcastle and the recently-opened Desire by Debenhams outlets in Kidderminster, Monks Cross and Witney preparing for a summer spending splurge.
Mr Templeman commented: “In 2009 we were one of only a handful of retailers to increase sales, margins and profits and we have done so again in the first half of 2010.”
Meanwhile, Paddy Power Chairman Nigel Northridge is set to start his role as Debenhams Chairman on April 1st following the retirement of John Lovering. Judging by the latest results, he will begin the job with the firm in a strong market position.
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Written by Chris Randal
