Debenhams, Britain's number two department store group, said today annual profit would be slightly ahead of analysts' average forecasts, helped by a pick-up in fourth-quarter sales and higher profit margins.
The group, with 160 stores in Britain and Ireland, six in Denmark and 60 franchised outlets overseas, said today that profit before tax and one-off items for the year ended August 28 would be in the region of £150m.
That would be up about 20% from the year before and just ahead of analysts' average forecast of £147m.
Sales at stores open at least a year were flat, up from a 0.4% decline reported after 42 weeks, while gross profit margins rose, helped by a shift in selling space to higher margin own-bought ranges from concessions.
Debenhams, number two to department store group John Lewis by sales, said net debt at the end of August was better than analysts' average forecast, without giving the figure.
