Debenhams has announced profit warnings, suggesting that its annual profits will fall from the forecast £50m to £35m to £40m.
Sales remain strong but heavy discounting in the face of its rivals heavily discounting, in some cases for their very survival have hit profits.
Debenhams CEO has said that the company is well set up to face the future.
Our own commentator points out that with the dire straits the retail industry is in at the moment, these figures are not bad.
Additionally, the closure of more than half its rival, House of Fraser’s stores can only be good news to Debenhams.
