Department store Debenhams has said that profits are expected to be in line with expectations following a strong performance in the final quarter of the year.
Online sales were 46.2% higher whilst a store modernisation programme lifted high street sales and a good international performance in the second half ensured a successful result to the end of the year. Michael Sharp, Chief Executive of Debenhams, said: "I am pleased with our performance in the final quarter of the year. We have succeeded in growing both like-for-like sales and market share in a competitive market where consumers' disposable income remains under pressure. I am particularly pleased with the growth of our online business.
"While the return to more seasonal weather conditions over the summer has been helpful, the main factor behind this performance has been the relentless focus of everyone at Debenhams on implementing the four pillars of our strategy to create a leading international, multi-channel brand. I'd like to thank all our employees for their hard work over the past year. Looking forward, we are confident in our strategy but are not expecting any rapid recovery in consumer sentiment and the marketplace remains highly competitive."
