Executive Summary

• For FY18, Debenhams reported a 2.7% decline in comparable sales at constant exchange rates, with a weak performance in its core UK market driving this decline.
• The company booked a £525 million charge for asset and goodwill impairment and onerous lease provisions, resulting in statutory pretax losses of £492 million.
• Even after stripping out these exceptional items, underlying EPS decreased by 65.6% year over year.
• Debenhams confirmed media speculation that it plans to shut 50 stores in the next three to five years.