Happy shoppers

14 October 2003

The British department store chain hasn t let either a bid war or the sweltering autumn derail its sales. That s just as well for its two potential buyers, which aren t leaving themselves much room for manoeuvre.

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Debenhams reported that in the year to the end of August, total sales rose 6.7%. Likeforlike sales grew by 3.7%. The retailer said that its gross margin grew by 0.4 percentage points, and earnings per share were up 18.5% also thanks to the effect of its buyback programme.

The retailer, which is the subject of a bidding war between private equity groups Permira and CVC, also said that current trading is encouraging. Total sales for the six weeks to October11 were up by 8.6%, and likeforlike sales were up 2.7%. Its gross margin rose 0.5 percentage points in the period. Debenhams has opened two new stores since the yearend, and plans to open its next one in about a year.

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