Debenhams today said profits were up on last year after the department store chain achieved a 'creditable' Christmas trading performance.
The group, which has 153 stores in the UK and Ireland, posted a 3.3% drop in like-for-like sales for the 12 week period since October 21. However, this compared with a decline of 4.2% for the previous six weeks and meant profits for the 18 week period improved on a year earlier.
'Our trading strategy for the first 18 weeks of the year has resulted in further market share gains and a creditable sales performance given the extremely difficult and volatile conditions seen across the high street,' CEO Rob Templeman said.
Debenhams said a 0.6% improvement in total transaction values and the tight management of costs and stock levels drove the profits improvement. It added that 'tactical' promotional activity saw it focus on profit rather than sales generation.
'More than ever consumers are looking for high quality products at good value prices. Debenhams has supplied this during the important Christmas trading period through ongoing improvements to our designs and products made over the past 18 months alongside tactical promotional activity,' Mr Templeman said.
