 was one of many high street retailers to see shares slip on Tuesday, after reporting a fall in sales in the midst of a tough consumer environment.){kind=link}
Debenhams (LON:DEB) was one of many high street retailers to see shares slip on Tuesday, after reporting a fall in sales in the midst of a tough consumer environment.
Like-for-like sales dropped 0.9 percent in the 15 weeks to 17 June, with the company adding that if market volatility continues profits are likely to be at the lower end of forecasts.
Debenhams said May had been “a tough month for retailers”, with the UK trading environment “more volatile in the second half of our trading year”.
Chief executive Sergio Bucher they had “continued to see volatility in trading week to week.”
Shares in Debenhams are currently trading down 3.37 percent at 43.00.
George Salmon, equity analyst at Hargreaves Lansdown, said: “The new CEO [Sergio Bucher]’s strategy, namely to improve the online offering, declutter the stores and step up the quality of the in-store service, seems sensible.
“However, Debenhams has struggled for years. Particularly in these difficult times, we feel investors should remember that it’s one thing to correctly diagnose the problem and quite another to successfully apply the cure.”