DEBENHAMS, which has a Swansea store, has issued a profits warning.
The retail giant has warned its pre-tax profits over the next six months are likely to be below those generated in the first half of this year. It expects to make Pounds 85 million, pre-tax, compared to the Pounds 114.7 million in the first half of 2013.
Chief executive Michael Sharp said: “As has been widely commented on in the media, the market was ‘highly promotional’ in the run up to Christmas and we responded to these conditions to ensure our offer was competitive.
“However, this extremely difficult environment has inevitably had an impact on both our sales and profitability.”
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Date: Jan 1, 2013