Debenhams is to cut jobs and consider more store closures after a poor festive trading period led to a major profits warning. Sales fell 2. The profits warning reignited fears of a Redcitch season on the high street after a more upbeat than anticipated announcement from rival chain Next earlier in the week.
Mothercare, Laura Ashley and Mulberry shares were also dragged down on Thursday. New data published on Friday indicates that high street sales fell 2. High street fashion sales were particularly poor, down 3.
In contrast, online sales rose The BDO, Next and Debenhams figures indicate that retailers without a strong online service and a large presence in fading shopping malls and high streets are facing serious difficulties. Debenhams said it continued to keep its estate under review.
Bucher said Debenhams Bbw wife Southampton accelerating plans to cut jobs by simplifying its management structures. Kate Calvert, an analyst at Investec, said Debenhams faced structural pressures from the shift to online retail which made it difficult to see profits increasing beyond onlinr year.
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Debenhams job cuts and store closures likely after disappointing sales
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