| View more details on this retailer : Debenhams |
| | | | 04/03/2013 | Financial Times, Andrea Felsted & Robert Cookson - Debenhams blames snow for profit warning | | | | | Debenhams issues profit warning | | | | | The Financial Times reports that Debenhams has warned that snow in January would drag its first-half profit to below last year’s level, pushing its shares down almost 15%.
The profit warning sparked fears of a fresh downturn in consumer spending.
Michael Sharp, who has been chief executive of Debenhams since September 2011, insisted the profit warning had been prompted 'purely' by the severe weather.
However, Bethany Hocking, analyst at Investec Securities, said she believed there were other factors behind the profit warning.
The profit warning represents the second time investors in Debenhams have been disappointed this year. In January, the retailer revised down its full-year gross margin outlook after a blizzard of special offers from rivals. |
|
|