Department store Debenhams has revealed a 10.4% drop in full-year profits just days after appointing ex head of fashion at Amazon, Sergio Bucher, as its new boss.
Sir Ian Cheshire, chairman of Debenhams, said: "We have delivered profits in line with market expectations, reflecting a strong performance over peak followed by a tougher second half trading environment. Our strategy to rebalance the business towards non-clothing has supported our performance, with strong progress in Beauty, Gifting and Food.
"Our diversified business model together with good cash generation and reducing debt means that Debenhams is in good shape to withstand a market background that remains uncertain. Our Executive team, supported by all our colleagues, are actively managing the business to increase its resilience and flexibility, which will stand us in good stead to deliver long term sustainable growth.
“Following the arrival this month of our new CEO, Sergio Bucher, we look forward to updating the market in Spring 2017 on our longer term plans for the next phase of Debenhams' development."
