LONDON (dpa-AFX) - Debenhams plc (DEB.L) reported that, overall, for the 26 weeks of first-half, to 2 March 2019, Group gross transaction value or GTV has declined 5.4%, with a like-for-like decline of 5.3%. The Group said, while trading headwinds have moderated in recent weeks, this process is likely to be disruptive to its business in the coming months. Taken together with macroeconomic uncertainties and increased financing costs as a result of additional working capital needs, the prior statement that the Group is 'on track to deliver current year profits in line with market expectations', is no longer valid.
Debenhams said its annualised 80 million pounds cost saving programme is on track, and the Group expects the first ranges resulting from its sourcing partnership with Li & Fung will be in stores in the current season.
Sergio Bucher, Chief Executive of Debenhams, said: 'We are making good progress with our stakeholder discussions to put the business on a firm footing for the future. We still expect that this process will lead to around 50 stores closing in the medium term.'
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