Debenhams reports record annual loss of 491.5 million pounds, to close 50 stores

Debenhams plc in its preliminary results announcement for the 52 weeks to September 1, 2018, said that the group gross transaction value decreased by 1.8 percent to 2,900.4 million pounds (3,745 million dollars) and group revenue decreased by 2.5 percent to 2,277 million pounds (2,940 million dollars), while group like-for-like sales decreased by 2.3 percent on a reported basis and 2.7 percent on a constant currency basis. Reported profit before tax after exceptional items decreased from 59 million pounds profit in FY2017 to a 491.5 million pounds (635 million dollars) loss. The company added that it plans to close up to 50 stores over 3-5 years, compared with the 10 previously identified.