Debenhams off to a bright start to 2012

Luxury retailer Debenhams says like-for-like sales in the first half of its financial year edged higher, with growth accelerating towards the end of the period.

In the 26 weeks to March 3rd like-for-like (LFL) sales rose 0.3% excluding value added tax. This result is better than the company reported for the first 18 weeks of financial year, mainly because the final eight weeks of the period saw LFL sales increase by 2.4%.

A strong winter sale season and a bright start to the spring helped push the numbers up.

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Gross transaction values for the six months increased 1.4%.

Debenhams' Chief Executive Michael Sharp said he was "pleased" with the performance over the first half of the firm's financial year and added:

"Our priority in the second half is to continue executing our strategy, centred on the four pillars of focusing on UK retail, delivering a compelling customer proposition, increasing availability and choice through multi-channel and expanding the brand internationally."

Over the last year Debenhams' shares have risen 26.5%.

BS