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Debenhams beats expectations for Christmas trading

Thu, 12th Jan 2017 08:09

(ShareCast News) - Debenhams reported better than expected Christmas trading, with like-for-like sales at the department store group strengthening into January and profit margins remaining in line with targets.Group LFL sales in the 18 weeks to 7 January, which represents the first quarter and a half of its financial year, rose 3.5% at the reported level, with the latter seven weeks of the period seeing LFL sales increase 5.0%, or 1.7% in constant currency.As ex-Amazon man Sergio Bucher beds down as chief executive, online sales have already become a crucial element, up 13.9% across the whole quarter and up 17.0% over the Christmas period as an increasing amount of people buy their festive gifts from the comfort of their sofa.Debenhams cut its level of discounts with a 2% improvement in full price sell-through and reduced stocks levels 7% by cutting the number of clothing options, which will mean gross margin remained within the full year guidance of -25 basis points to +25bps."I'm pleased with the performance we have achieved in the key trading weeks of Black Friday and over the Christmas peak, given the challenges in the broader environment and the strong performance last year," Bucher said."The resilience of Debenhams' differentiated offer is beginning to show through, with the growth we have driven in beauty and gifting. It's encouraging to see that the service improvements we have made helped us to deliver strong multi-channel sales growth."Debenhams maintained market share in a competitive clothing market and Bucher said there was "a lot more we can do to build from this base" and promised to elucidate on his plans for the group alongside interim results in April.
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6 Jan 2017 12:42

UPDATE 1-UK retail sales edge lower in Dec, price pressures spiral -surveys

* UK retail sales cool slightly in Dec, despite Christmas surge * Retailers expect prices to spiral higher in next few months * EC survey shows record increase in shop price inflation gauge (adds European Commission figures) By James Davey and Andy Bruce LONDON, Jan 6 (R

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6 Jan 2017 00:00

UK retail sales edge lower in December - BDO

LONDON, Jan 6 (Reuters) - A spending spree by British shoppers in the week before Christmas failed to prevent sales in December from falling short of the previous year's level, industry data showed on Friday. Robust growth in consumer spending has been one of the main factors sustaining Bri

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5 Jan 2017 16:07

UK Shareholder Meetings Calendar - Next 7 Days

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5 Jan 2017 07:30

RPT-Investors balk at "squeezed middle" of UK retail firms

(Repeats with no changes to text) * Next has worst start to trading in 25 years * Weaker pound, online shopping hurt traditional retailers * Short-selling ticks higher in Debenhams, M&S By Alasdair Pal LONDON, Jan 4 (Reuters) - The worst start to a trading year for N

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4 Jan 2017 16:58

Britain's FTSE steadies near record high, Next slumps

* FTSE 100 steadies at the close * Next tanks after profit warning * Housebuilders find support (Updates at market close) By Helen Reid and Kit Rees LONDON, Jan 4 (Reuters) - Britain's top share index closed slightly firmer and near a record high on Wednesday as a rally

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4 Jan 2017 16:30

Investors balk at "squeezed middle" of UK retail firms

* Next has worst start to trading in 25 years * Weaker pound, online shopping hurt traditional retailers * Short-selling ticks higher in Debenhams, M&S By Alasdair Pal LONDON, Jan 4 (Reuters) - The worst start to a trading year for Next PLC shares since 1991 underscores th

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4 Jan 2017 15:43

Sector movers: Retailers hard hit by woes at Next

(ShareCast News) - Fashion retailers' shares got whacked after Next posted lower-than-expected sales for the period over Christmas and warned that further weakness may lie ahead. Group sales from the start of November until Christmas Eve shrank 0.4%, as a 3.5% decline in shop sales was largely of

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4 Jan 2017 10:04

Britain's FTSE slips from record high as Next slumps

(ADVISORY- Follow European and UK stock markets in real time on the Reuters Live Markets blog on Eikon, see cpurl://apps.cp./cms/?pageId=livemarkets) * FTSE 100 flat * Next shares tank after profit warning * Housebuilders find support from note By Kit Rees LONDON, Ja

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3 Jan 2017 10:54

Tuesday broker round-up

(ShareCast News) - BP: UBS reiterates buy with a target price of 550p. InterContinental Hotels Group: Barclays upgrades to overweight, 4000p target. Debenhams: Deutsche Bank downgrades to sell with a 5200p target. Amerisur: Barclays reiterates equal weight with a 36p target. Next: Deutsche Bank d

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3 Jan 2017 08:42

Deutsche Bank downgrades Next, Halfords, Debenhams

(ShareCast News) - Deutsche Bank cut its stance on a number of UK retailers as it said demand is likely to soften in 2017. "Retail stocks are typically early-cycle but there are risks a prolonged downturn means many could be value traps, particularly as the sector is typically showing average rather

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7 Dec 2016 15:43

Barclays to appoint Debenhams chairman as head of UK bank

(ShareCast News) - Barclays has selected Debenhams chairman Ian Cheshire as its number one candidate to lead its new ring-fenced UK bank as it prepares to adopt a new regulatory framework designed to insulate taxpayers in the event of a future financial crisis, according to a report by Sky News. An

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7 Dec 2016 14:07

PRESS: Barclays Lines Up Debenhams Chair Cheshire For UK Retail Bank

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1 Dec 2016 16:11

UK Dividends Calendar - Next 7 Days

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27 Oct 2016 12:29

Thursday broker round-up

(ShareCast News) - Debenhams: JP Morgan keeps at underweight with a target price of 54p. AA: Berenberg stays at buy, 315p target. National Express: RBC reiterates outperform with a 405p target. LLoyds: UBS reiterates buy with a 67p target. GlaxoSmithKline: Credit Suisse reiterates neutral with a

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27 Oct 2016 09:11

UPDATE 1-Debenhams ekes out minimal growth, quiet on future plans

* FY profit up 0.5 pct at 114.1 mln stg, in line with forecasts * Shares up 1.8 pct (Adds executive, analyst comments, share price) By Sarah Young LONDON, Oct 27 (Reuters) - Debenhams, Britain's second-largest department store group, achieved minimal growth in a tough clothing

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