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HOW DID THE MARKET REACT TO DEBENHAMS' RESULTS?

<strong>KATHARINE WYNNE </strong> INVESTEC<br />We believe the combination of positive margin trends, evidence of improving full price sales despite a highly promotional stance, and Debenhams&rsquo; brand mix &ndash; which allows customers to trade up and trade down within the range &ndash; should support a higher valuation.<br /><br /><strong>KEITH BOWMAN </strong>HARGREAVES LANSDOWN<br />Debenhams has climbed a very steep hill, with management deserving considerable credit. A difficult balance between addressing group financials and investing in the future is being achieved, with management being rewarded with a near trebling in the share price over the last year. <br /><br /><strong>NICK BUBB </strong> PALI INTERNATIONAL<br />Debenhams&rsquo; own brokers talked about making a strong start to the year, but I wouldn&rsquo;t call its recent 0.6 per cent sales growth strong, compared to John Lewis for example. But their bias towards clothing isn&rsquo;t really helping them whereas John Lewis has more of a bias towards household goods.