Debenhams face profits slump due to poor sales
DEBENHAMS is expected to report that its annual profits have tumbled 28.2 per cent to £44.9 million, City analysts predict.
Its full-year results will have been hit by poor sales of knitwear and coats due to mild weather.
Since April Debenhams has sought to rebuild its margins by cutting back on special offers and discounts.
Asos is forecast to announce pre-tax profits of £46 million
Earlier this month Sports Direct owner Mike Ashley increased his stake in Debenhams to 11.22 per cent.
Elsewhere, Asos is forecast to announce pre-tax profits of £46 million, a fall of 15.9 per cent compared with the previous year.
Its performance has been hit by increased competition overseas, the strength of the pound and a warehouse fire earlier this year that destroyed 20 per cent of its stock.