- Prachi Singh |
Following media speculations surrounding its turnaround measures, Debenhams Plc has announced through a statement that subject to audit, it expects to report pre-exceptional pre-tax profit for FY2018 of around 33 million pounds (42.7 million dollars), within the current market range of 31 million pounds to 36.5 million pounds, and EBITDA of around 157 million pounds (203 million dollars).
Commenting on the update, Sergio Bucher, the company’s CEO, said in a statement: "The market environment remains challenging and underlying trends deteriorated through the summer months. Having put in place a leaner operational structure and strong leadership team, and taken action to strengthen our financial position, we are well equipped to navigate these market conditions and take advantage of any trading opportunities that emerge."
The company added that consistent with its focus on managing cost and cash generation, Debenhams anticipates year end net debt will be approximately 320 million pounds, in line with guidance and retaining significant headroom on its 520 million pounds medium term facilities. The company further said that it continues to focus on the priority actions to mitigate current market conditions and drive progress in FY2019 and shareholders will have an opportunity to see the Debenhams Redesigned strategy in action at our the Watford store on September 24, 2018.
"As we stated in June, the board continues to work with its advisers on longer term options, which include strengthening our balance sheet and reviewing non-core assets. This activity is in order to maximise value for shareholders and protect other stakeholders, including our employees," added Sir Ian Cheshire, Chairman of Debenhams.