Kids are spending an average of £4 less on Father’s day gifts for 2013, new research by Debenhams reveals. The department store group found the average gift for dads in 2012 came to £16, dropping to £12 in 2013. While kids might be cutting corners, Debenhams on Friday reported seeing a 7 per cent increase in people buying Father’s day gifts compared to last year, suggesting those that do buy something are just being more thrifty with their Father’s Day purchases.
Debenhams is reported to have identified up to 70 high streets and shopping centres where it hopes to open outlets and expand its UK store portfolio. After reporting back this week on a tough half which saw profits fall 5.4 per cent, Debenhams is now thought to be re-evaluating its presence on the high street, looking to add up to 70 new stores to its current portfolio.
Debenhams focuses on second half after 5.4 per cent fall in profits for the first half of its financial year. The department store group, which has 165 locations across the UK and Ireland, on Thursday revealed a fall in first-half profit in line with expectations after the retailer issued a profit warning in March.
Ross Clemmow will join the department store chain in June, taking up the position of divisional trading director of e-commerce. Clemmow will be charged with pushing Debenhams’ multichannel strategy forward after the departure of Simon Forster late last year to Selfridges.
Image credit: British Land
Debenhams signs 15-year lease for new 40,000 sq ft store at Leamington Shopping Park. Owned by the Gibraltar Limited Partnership, Debenham’s new outlet at the 135,000 Leamington Shopping Park in Leamington Spa will replace the Focus unit when it opens by the end of the year.
Pretax profit at Debenhams came in below expectations as Britain’s second biggest department store group found snow “severely disrupted” trading in the first half. The retailer said it now expected pretax profit for the 26 weeks to 2 March to be around £120 million, well under analysts’ consensus expectations of around £130 million.
House of Fraser’s executive chairman Don McCarthy is reported to be involved in talks with a number of interested buyers for the department store, including Sports Direct and its owner Mike Ashley. According to the Guardian, McCarthy would not comment on speculation surrounding the sale, but insisted he would look after the interests of the shareholders.
Debenhams' Westfield store. Michael Sharp, chief executive of Debenhams, is set to receive a one-off bonus in excess of £300,000 after a period of strong trading at the department store, which saw pre-tax profit rise 4.2 per cent in the year to 1 September. According to the Telegrah, the Debenhams’ remuneration policy would usually entitle Sharp to receive shares worth £923,000, or 150 per cent of his salary, but the chief executive will in this instance be awarded with shares worth £1.23 million, equivalent to 200 per cent of his annual salary.
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