Brand Designers at Debenhams range helps boost profit
The company delivers five consecutive halves of profit growth
For the full year results for 52 weeks ended 28 august 2010, operating profit grew 7.1% to £196.1m. Headline profit before tax was up 20.6% to £151.0m. Like-for-like sales were flat.
Over the period, six new stores were opened, creating over 800 new jobs and eleven new international franchise stores were opened including six new markets.
Multi-channel operations performed strongly with sales for Debenhams Direct up 88.4%.
Rob Templeman, Chief Executive of Debenhams, said, "We are pleased with the performance of the business in 2010 which was a year of structural change for Debenhams. We had said that we would judge our own success this year in terms of profit growth and believe that an increase in headline profit before tax of more than 20% on a one year basis and 37% on a two year basis is a creditable performance. We have now delivered five consecutive halves of profit growth despite the difficult trading environment.
"Although we remain concerned about the general retail environment, we are encouraged by the start to the new financial year which has seen positive like-for-like sales and gross margin in the early weeks. However, the important Christmas trading period is clearly yet to commence. As we look forward, we will continue to focus on our core strategy of self-help initiatives focused on managing gross margins, driving market share and growing through expansion and investment. In spite of the uncertain outlook, there is much to be positive about our business which will enable us to make further progress over the next year."
Simon Forster, Director, Debenhams.com, will be speaking about Key Steps To Move From ‘Shops And Online’ To Integrated Multichannel Retailer, at the Retail Bulletin’s Multichannel Summit 2011.
To book your place or for further information, go to: http://www.retailbulletinconferences.com/multichannel2011.
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