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Debenhams (LSE: DEB) 1H16 Results: Pretax Profit Up 5.5%, CEO Confirms Exit

Executive Summary

  • British department store chain Debenhams reported revenue of £1,327 million for 1H16 (ended February 2016), up 0.1% from 1H15. Gross transaction value (GTV) grew by 1.6% year over year, to £1,629 million, broadly in line with consensus.
  • Basic and diluted EPS was 6.2 pence, up 5.1% from 5.9 pence in the same period in FY15 and in line with consensus.
  • The company confirmed that CEO Michael Sharp will resign this year. Management added that it remains on track to deliver full-year results in line with market expectations. Debenhams also reiterated its FY16 guidance of gross margin growth of flat–50 basis points, among other figures.

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