British retail giant Debenhams is continuing to struggle, as the department store chain has today announced a new profit warning, as sales across the UK continue to fall.
In this morning’s trading update, Debenhams stated that its original sales forecast it made in January, when they stated that they expected to hit profits exceeding £8m, was no longer achievable.
This is due to the fact that like-for-like sales at the retailer were down 5.3% for the six months up to the 2nd March.
Today’s announcement is the third one of its kind within the last year.
Sergio Bucher, the CEO of Debenhams, said: “We are making good progress with our stakeholder discussions to put the business on a firm footing for the future. We still expect that this process will lead to around 50 stores closing in the medium term.”
A further update is expected later this month, when they will reveal their interim yearly results statement.