Preliminary results for the 52 weeks ended 30 August 2008 from department store chain, Debenhams, weren't too bad - all things considered.
Like for like sales slipped 0.9%, headline pre-tax profit fell to £110.1 million (2007: £131.4 million), basic earnings per share fell to 9 pence (2007: 9.3 pence) and net debt shrunk to £994 million (2007: £1.016 billion).
From an operational viewpoint, the Company said its share of total clothing sales gained 0.3%, and it witnessed strong growth at 'Debenhams Direct' and 'Designers at Debenhams'. During the year the group opened seven new stores in the UK, and 10 international franchise stores.
Rob Templeman, Chief Executive of Debenhams, said:
"In what has been a difficult trading environment, we were pleased to have been able to deliver gross transaction value growth of 1.3%. The market share gains, alongside our strategic objectives of focusing on product design, quality and value, demonstrate that our products are finding favour with customers. In 2009 we will drive the business forward by continuing to focus on product design, quality and value and on the important differentiation provided by our exclusive Designers at Debenhams ranges. At the same time we will invest prudently in higher returning projects such as new stores."