Debenhams to raise £323m
The proceeds of the capital raise will be used to reduce Debenhams' absolute level of net debt and enhance the Company's ability to refinance in the future.Debenhams also issued a trading statement that said gross transaction values were up by 3 per cent desp ite a slight fall in like-for-like sales as margins have increased. The 12 weeks to 23 May saw a rise in transactions compared to the same period last year as the department store group grew its share of the fashion market. The company credits investment in own labels, especially Designers at Debenhams, as being key to the performance.
“Our priorities for running Debenhams are unchanged with a strong focus on the levers that deliver cash margin. Despite facing strong comparatives achieved in May last year and the ongoing difficult retail environment, we have made further progress in the 12 week period in terms of total sales and profits,” says Debenhams chief executive Rob Templeman.
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