Good results in H1; cotton prices may fall back - Debenhams

15 Apr '11

4 min read

“Looking forward, there are some encouraging signs that commodity prices such as cotton may fall which could be positive for both consumers and retailers in terms of pricing We will continue to ensure that our focus on offering our customers outstanding choice, quality and value remains at the forefront of our decision making,” added Rob

Financial Highlights

• Recommencement of dividends with interim dividend of 1.0p per share
• Earnings per share up at 14.5% from 6.2p to 7.1p
• Net debt reduced by £165.2 million during half to £351.6m
• Group gross margin up 20 basis points
Debenhams (excluding Magasin) gross margin up 30 basis points
Magasin du Nord gross margin up 240 basis points
• Headline profit before tax and exceptionals in line with market expectations, up 4.5% to £129.2m
• Strong de-leveraging since the year end; net debt to EBITDA improved from 1.8x to 1.3x.
• Group gross transaction value up 3.2%
• Group like-for-like sales flat including VAT (down 1.5% excluding VAT)

Debenhams Plc

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