Debenhams boss leaves on a high

THE departing chief executive of Debenhams has defied his critics by posting stronger-thanexpected Christmas sales figures.

Michael Sharp, who has been dogged by disappointing trading updates during his tenure, said a boost in online sales and success in ordering the right number of winter woollies for the mild autumn was behind the performance.

Last year Sharp ( pictured) said he would step down sometime within the next 12 months but claimed there had not been any investor pressure.

Some in the City had been bracing themselves for another profit warning yesterday but instead Sharp stunned the market with the strong numbers.

Shares in the department stores group jumped 15pc or 10.5p to 76.5p after he said sales rose 1.9pc for the 19 weeks to January 9, ahead of the 0.3pc rise that had been forecast.

Nick Bubb, an independent retail analyst, said: ‘The long-awaited trading update from Debenhams isn’t as disappointing as many had feared.’

Online sales increased 12.1pc while the department stores sold 200 gift items every minute.

Lego and Star Wars products topped the Christmas list with more than 85,000 Lego Boxes and 70,000 Star Wars items sold including 8,000 light sabers.

The firm said it had resisted discounting which had become something of a trademark. There was a lower level of promotional activity which led to a 5pc increase in the number of items sold at full price.

It processed 220 orders a minute at peak on Black Friday. Sharp said: ‘This performance is evidence that our strategy is working with our customers finding our mix of products and brands... great value for money.’