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Official figures yesterday revealed consumers are still spending, just not where shopkeepers would like them to.

The Office for National Statistics said retail sales rose 1.4 per cent last month – far more than expected.

However, online spending represented more than 20 per cent of the total for the first time.

The high street has been hammered by a toxic cocktail of soaring business rates and competition from online rivals such as Amazon and Asos.

A total of 93,000 retail jobs have been lost this year and firms including Maplin, Toys R Us and Poundworld have gone bust.

https://www.dailymail.co.uk/news/article-6518023/Debenhams-Boxing-Day-sales-start-December-23-desperate-bid-boost-sales.html

Retailer Debenhams plc today announces preliminary results for the 52 weeks to 1 September 2018, confirming the EBITDA, pre-exceptional profit before tax and net debt data released on 10 September 2018.



Strategic summary

Good progress on five priority actions under Debenhams Redesigned strategy:

· Delivered above-market digital growth of 12% supported by improved mobile and customer experience

· Sustaining market leadership in Beauty with new strategy designed to drive more choice and digital innovation

· Revitalising fashion product under new leadership; held share in clothing, and gained in womenswear

· Improved in-store experience for customers, with 9 stores trading in new design format and new service model

· Accelerated cost reduction activity with £12m savings achieved, annualising to £20m



Decisive action under way in challenging market conditions to generate cash, reduce debt and reshape store estate:

· Additional cost reductions of c.£50m annualised, taking cumulative cash savings to c.£130m by FY2020

· Revised capex plans for FY2019 of c.£70m, focusing on priority elements of Debenhams Redesigned strategy

· Comprehensive review of store portfolio to address structural challenge and drive profitable growth:

o focusing future investment to deliver Debenhams Redesigned principles on up to 100 stores;

o increasing closure plans from 10, to up to 50 under-performing stores over 3-5 years; and

o developing new lower-cost approach for c.20 stores

· Cash exceptional charges of £12.3m in year, non-cash exceptional write-downs of £512.4m primarily relating to store and lease provisions, systems and impairment to historic goodwill

· In line with stated plan to prioritise debt reduction and cash generation, no final dividend will be paid

"It has been a tough year for retail in 2018 and our performance reflects that. We are taking decisive steps to strengthen Debenhams in a market that remains volatile and challenging. Working with our new CFO Rachel Osborne, and the board, I am determined to maintain rigorous cost and capital discipline and to prioritise investment to achieve profitable growth. At the same time, we are taking tough decisions on stores where financial performance is likely to deteriorate over time.

"Debenhams remains a strong and trusted brand with 19m customers shopping with us over the past year. Our transformation strategy is gaining traction, with positive results from new product and new formats, general acclaim for our store of the future in Watford and digital growth that is outpacing the market. With a strengthened balance sheet, we will focus investment behind our strategic priorities and ensure that Debenhams has a sustainable and profitable future."

https://www.investegate.co.uk/debenhams-plc--deb-/rns/preliminary-results-and-strategic-update/201810250700031063F/

Debenhams not going bust!

Back to 7p please!

ADVFN bb: Looks good - Tang said to be arriving in London end of this week - a week ahead of AGM tells me something regarding JDA is coming by Fri. Once this is signed Power China will take over and just like they have built and agreed deals with the Bangladesh government already for other projects including railways they will get the permit within weeks imo money talks

JDA may come before AGM

RNS within 6.5 trading days!

The principal terms of the MOU are as follows:

-- Activities towards development are identified as being investment, planning, approval, financing, ownership, design, construction and operation of the proposed mine and power plants;

-- The equity holdings of the coal mine and power plants generating 4,000MW shall be agreed in a future Joint Development Agreement;

-- GCM shall assist PowerChina in providing technical and regulatory assistance in completing their feasibility and viability studies;

-- GCM shall permit PowerChina to form an investment consortium with other investors acceptable to GCM;

-- PowerChina will undertake feasibility and viability studies of the integrated coal mine and power plants generating 4,000MW;

-- PowerChina will facilitate the inclusion of the Phulbari Coal and Power Project as a One Belt, One Road Initiative of the People's Republic of China;

-- The MOU shall be valid for six months, but shall expire in the event that the parties undertake a new agreement which supersedes the MOU, or if either party decides to terminate the agreement, giving 60 days' notice; and

-- The MOU sets out a projected timeframe of concluding a Joint Development Agreement with the parties by 31 December 2018, and subsequently submitting a formal proposal to the Government of Bangladesh by 28 February 2019.

PowerChina is a State-owned Key Enterprise of People's Republic of China, and is a world-leading integrated engineering construction group. In 2018, PowerChina ranked 182nd among Fortune Global 500, 41st among Top 500 Enterprises of China, came 6th in the list of the world's 250 largest global contractors and placed 2nd among top 150 engineering design companies worldwide according to Engineering News-Report.

HSBC said this year it would stop financing new coal plants except in Bangladesh, Indonesia and Vietnam. These exceptions were made "in order to appropriately balance local humanitarian needs with the need to transition to a low-carbon economy," HSBC said.

JDA coming!

Rise nice an steady till year end!

profit

Why not spare us your gold view. Sell your shares and move along!

No one gives a rats a**. RNS fore 31st Dec en route.

"The MOU sets out a projected timeframe of concluding a Joint Development Agreement with the parties by 31 December 2018, and subsequently submitting a formal proposal to the Government of Bangladesh by 28 February 2019."

Yes Baxter is on the right track Hope you loser don’t buy and miss the phenomenal rise to 100p. Make sure you keep away Chartist2 , live I. Your pessimist dream

Good riddance of the sellers! Considering the amount of selling sp held up well. Onwards & upwards next week!

Will clear 100p

I believe it will. only next week left..................can't count xmas week.

Moves on tiny buys

News of possible commercial resolution for Cambay gas!

Not guaranteed however, only speculative!

No one knows except the CEO!

"The MOU sets out a projected timeframe of concluding a Joint Development Agreement with the parties by 31 December 2018, and subsequently submitting a formal proposal to the Government of Bangladesh by 28 February 2019."

I reckon we'll get JDA RNS next week before Xmas

What a Sh**e bunch running this company! Can't tell shareholder sweet FA about the current bolls up!

No wonder the bondholders want their money back!

Market loves deadline!

Chinese are awesome are keeping dates!

Joe Salomon, Managing Director, commented: 'We are pleased to announce these funding initiatives today, which both demonstrate investor confidence in Oilex's strategy and prospects, as well as underpinning the Company's financial strength. It follows that recent approval to extend the Cambay PSC by 10 years and provides valuable support as the Company remove the final impediments to the future development of Cambay.'

With commercial deal Mcap could move to 50 million!