Debenhams reported interim profit in line with market expectations and said it is "encouraged" by current trading.
For the 26 weeks to March 1st, 2003 the retailer, Britain's second largest department store, saw pretax profit rise 4.8 per cent to £96.5 million sterling - in line with analysts' expectations that ranged from £95 million to £100 million and up from £92.1 million last year.
This was achieved on sales up 5.8 per cent at 992.1 million. Like-for-like sales were up 3.5 per cent.
Gross margin was up 0.2 percentage points, reflecting material mark-up benefits and mark-down savings.
Earnings per share were up 7.7 per cent to 19.2 pence. Excluding a £3.2 million restructuring charge, EPS would have been up 11.2 8 per cent to 19.8 pence.
Cash inflow from operating activities was £156.6 million versus £145.1 million. An interim dividend of 5.3 pence, up 6 per cent, will be paid.
"Debenhams is a robust business that has proved its ability to flourish even when the retail climate is difficult," said chairman Mr Peter Jarvis.The retailer, which has 102 stores, has one outlet in Dublin and one in Belfast.
AFP