Michael Sharp, CEO of Debenhams, the second largest department store in the UK, has confirmed his resignation as the company reported a 5.5% increase in its first-half profits. Mr Sharp will continue to act as chief executive until a successor is announced.

Latest figures for the company show that underlying pre-tax profit for the six months to 27th February was £93.8 million and sales increased 1.6% to £1.63 billion.

The company commented saying that this is due to fewer promotions, reduced discounting, fewer clothing in the overall product mix, and an enhanced online service.

Mr Sharp said: “Although there is plenty more to do, we are on track to deliver full-year results in line with market expectations. When I leave the business later this year I am confident that it will be in a good position to deliver continued sustainable growth under a strong and capable management team.”

In the running to take over is COO of Primark, John Little, former Next director Christoph Angelides, ex M&S fashion CEO Kate Bostock and Mark Newton-Jones, Mothercare boss as shareholders are pushing for a fresh point of view.

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