Debenhams sees profits crumble

DEBENHAMS has reported a slump in full-year profits, laying bare the challenge facing new boss Sergio Bucher.

The department store chain said pre-tax profit fell 10.4 per cent to £101.7 million in the 52 weeks to August 27.

Like-for-like sales edged up 0.7 per cent while total sales rose 1.3 per cent to £2.9 billion.

The retailer said Mr Bucher will update the market on his long-term plans for the next phase of Debenhams’ development in the spring.

Chairman Sir Ian Cheshire said: “We have delivered profits in line with expectations, reflecting a strong performance over peak followed by a tougher second-half environment.”