Department store chain Debenhams has issued an upbeat assessment of conditions on the high street, following a better-than-expected showing from the retail sector in September.
In its latest trading update, the firm confirmed that its pre-tax profits were up by 10 per cent at £1661.m in the year ending on September 3rd, boosted by an increase in sales of its exclusive clothing ranges. However, there was a 0.3 per cent decline in like-for-like sales excluding VAT.
Debenhams also announced plans to open a string of new outlets across the UK and Ireland over the next few years, eventually increasing its total number of British stores from 163 to 240. Nine new shops are expected to open between 2012 and 2015, in locations such as Barnsley, Chesterfield and Macclesfield.
“This is a strong signal that the UK high street is alive and well and we are backing it 100 per cent,” said recently-appointed chief executive Michael Sharp. “It also shows a very real commitment to our clear focus on growing our UK retail business.”
Last week, the British Retail Consortium acknowledged that the impending festive season is likely to prove crucial for many retailers across the UK.
