Executive Summary

• Debenhams reported a decline of 1.3% in group comparable sales and a decline of 0.8% in gross transaction value in the 17 weeks ended December 30, 2017.
• At constant currency, comps declined by 1.8%, including a UK comp decline of 2.6% and an international comp increase of 2.1%.
• Promotional activity helped improve sales, but negatively impacted gross margin, which is expected to decline by 150 basis points year over year in 1H18.