Debenhams cuts dividend amid uncertainty

Debenhams slashed its shareholder payout today as it focused efforts on coping with the consumer downturn and cutting a £1bn (€1.2bn) debt mountain.

Reporting a 16% drop in full-year profits to £110.1m (€141.7m), Debenhams said it would manage the business “tightly” after difficult and uncertain market conditions left like-for-like sales 4.2% lower in the past six weeks.