Fashion retailer Debenhams said today its gross merchandise value returned to growth in the first quarter and reaffirmed expectations for double-digit percentage growth in annual adjusted core profit.
The retailer which owns brands including PrettyLittleThing and Karen Millen, has been undertaking a turnaround strategy to address the hit to profit from supply-chain challenges, weak demand and increased competition from low-cost fast-fashion names.
The company said gross merchandise value rose 0.5% in the first quarter ended May 31, with 8% growth in the month of May.
