Debenhams issues further profit warning amid fierce competition

Debenhams has warned that annual profit will be at least 20% less than market expectations as the department store chain faces weak consumer spending and discounting by competitors. Pre-tax profit for the current financial year will be in the range of £35-£40m compared with analysts' average forecast of £50.3m, Debenhams said. The gloomy update was Debenhams' third profit warning of 2018 and was triggered by a 2.2% fall in like-for-like sales in the past 15 weeks. Like other retailers the ...

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