Debenhams sales break £2bn barrier

UK department store Debenhams bucked the downward trend on the high street today as it more than doubled its profits.

Sales broke through the £2bn (€2.9bn) barrier for the first time in the year to September 3 while pre-taxprofits soared to £238.6m (€353m) compared with £107m (€158m) last year.

The group said it increased its market share from 16.4% to 18.6% as other retailers struggled to deal with the slowdown on the high street.

Privately-owned Debenhams, which was acquired by CVC Capital Partners, Texas Pacific Group and Merrill Lynch Global Private Equity, said it had “no definitive plans” for a stock market relaunch as speculation suggested it was preparing for readmission early next year.

Chief executive Rob Templeman said: “I am very pleased to report that Debenhams has made solid progress over the last year, resulting in a record financial performance in a challenging retail environment.”

The company said its Designers at Debenhams ranges – clothes and jewellery designed exclusively for the department store by names such as Pip Hackett, Nigel Cabourn and Theo Fennell – had fared particularly well.