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Debenhams issues another profit warning

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Debenhams has said its full-year profits are expected to fall below expectations, the third time this year it has issued a profit warning.The department store blamed "increased competitor discounting and weakness in key markets" for the profit shortfall.It said pre-tax profits for the full year would come in between
"We don't see these conditions changing in the near future," he added.Debenhams said sales had been fallen in May and June thanks to rivals' discounting and weak consumer spending.Like-for-like sales, which reflect sales at stores open for more than a year, fell by 1.7% in the 15 weeks to 16 June. Digital sales grew 16% over the same period. Mr Bucher who joined Debenhams in 2016, has launched a turnaround plan, putting more emphasis on food and beauty and less on fashion, limiting promotions and improving the firm's online platform.
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