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| Debenhams profits hit by bad weather | Debenhams profits hit by bad weather |
| (about 3 hours later) | |
| Department store chain Debenhams has reported a dip in profits after trading was hit by the bad winter weather. | Department store chain Debenhams has reported a dip in profits after trading was hit by the bad winter weather. |
| Profits were £120.3m for the six months to 2 March, a fall of 5.4%. | Profits were £120.3m for the six months to 2 March, a fall of 5.4%. |
| But the company's like-for-like sales increased by 3.1%, driven by growth at its online operations. | But the company's like-for-like sales increased by 3.1%, driven by growth at its online operations. |
| Chief executive Michael Sharp said: "We made progress during the first half although snow in late January meant we did not achieve the profit outcome we had expected." | Chief executive Michael Sharp said: "We made progress during the first half although snow in late January meant we did not achieve the profit outcome we had expected." |
| The results are in line with a profit warning Debenhams made last month, in which it said the January snow had hit sales hard. | The results are in line with a profit warning Debenhams made last month, in which it said the January snow had hit sales hard. |
| UK like-for-like sales were down 10% during last two weeks of January, which marked the end of the winter sale. | UK like-for-like sales were down 10% during last two weeks of January, which marked the end of the winter sale. |
| Debenhams said it had taken action to try to recover sales in February, but it was not enough to recover the sales it had lost the month before. | Debenhams said it had taken action to try to recover sales in February, but it was not enough to recover the sales it had lost the month before. |
| "We expect to make further progress in the second half, despite consumer sentiment remaining weak and challenging market conditions," Mr Sharp said. | "We expect to make further progress in the second half, despite consumer sentiment remaining weak and challenging market conditions," Mr Sharp said. |
| Some of that progress is expected to come from its online trading, where Debenhams said it had put in a market-beating performance in its first half, with sales up by 46%. | |
| Richard Hunter at Hargreaves Lansdown stockbrokers said: "The company is regaining market share, whilst the vital part of a retailer's armoury, the online presence, is looking robust." | |
| Debenhams completed refurbishments at nine of its UK stores in the half year. It intends to complete a further 12 by March next year. |