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Bearing the credit crunch in mind, Debenhams’ preliminary results for the 52 weeks ended on 30th August 2008 are not too bad as the gross transaction value for the year increased by 1.3% to £2,336.0 million. The like for like sales of the department store chain went down with 0,9%, its headline profit before tax slipped to £110.1 million competed to £131.4 million in the previous year. The basic earnings per share slipped from 9.3 to 9 pence. The Board has proposed a final dividend of 0.5p per share, taking the full dividend for the year to 3.0 pence. The Board has taken the decision on the total level of dividend declared during the year in light of trading through 2008 and its current view of the prospects for 2009.
On the results Rob Templeman, Chief Executive of Debenhams, commented: “In what has been a difficult trading environment, we were pleased to have been able to deliver gross transaction value growth of 1.3%. The market share gains, alongside our strategic objectives of focusing on product design, quality and value, demonstrate that our products are finding favour with customers. In 2009 we will drive the business forward by continuing to focus on product design, quality and value and on the important differentiation provided by our exclusive Designers at Debenhams ranges. At the same time we will invest prudently in higher returning projects such as new stores.”
The store brand own portfolio featuring womens, mens and childrenswear plus home, health and beauty comprised 139 department stores and ten Desire stores at year-end. Total store space stood at 10,704,000 square feet, an increase of 4.3% on the 10,266,000 square feet at the start of the year. The average trading space for the year was 10,464,000 square feet, an increase of 3.1% on last year’s average. A total of 11 new stores opened during 2008.
Debenhams has a total of 140 department stores in the UK and the Republic of Ireland and 10 Desire by Debenhams stores, which is a small store concept featuring a mix of womenswear, accessories, lingerie, cosmetics and childrenswear. Designers at Debenhams include Jasper Conran, Betty Jackson, Julien Macdonald, John Rocha and Matthew Williamson. Debenhams is the second largest department store chain in the UK.
Image: Debenhams on Henry St. in Dublin
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