Overall, a stable end to the year, benefiting from the favourable weather conditions. Being slightly churlish, we had hoped for the warm weather to have had a clearer benefit to margin delivery, although Debenhams stuck to its set promotional calendar and exited the season well.
KATE CALVERT | CANTOR FITZGERALD
2013 has been a difficult year for both Debenhams and the industry as trading was very volatile with difficult weather and subdued consumer spending...
We remain concerned that Debenhams’ UK operations could struggle to return to growth in financial year 2014 with little new space benefit.
KEITH BOWMAN | HARGREAVES LANSDOWN
The update is broadly reassuring. The gross profit margin, as predicted by management, has recovered in the second half, with full year pre-tax profit expected to materialise in line with current analyst expectations. Like rivals, same store sales have rebounded in the latest quarter.