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Against the odds, Debenhams sales up 3.1% Thursday, 28th June 2012
Photo credit: Debenhams Retail plc
Even with a stormy outlook, Debenhams managed to beat forecasts for underlying sales in its third quarter.
Sales rose 3.1 per cent at stores open over a year in the 16 weeks to 23 June, which includes its fiscal third quarter.
It compares with a rise of 0.3 per cent in the first half and analyst forecasts in the range of a 3 per cent drop to a 1 per cent increase.
"Taking the sales performance, revised gross margin guidance and higher marketing spend into account, we remain comfortable with the market's current expectations for reported profit before tax for the year as a whole," it added.
Debenhams is the second largest department store group in the UK, with around 170 stores in the UK, Ireland and Denmark, and about 70 franchise stores across 25 international markets.