Debenhams plc, the leading international, multi-channel brand, announces full year results for the 52 weeks to 31 August 2013.
Financial headlines
-Gross transaction value up 2.5%: UK up 2.3%, International up 3.7% -Group like-for-like sales up 2.0% -Group gross margin flat -Profit before tax down 2.7% at £154.0 million -Earnings per share up 4.1% to 10.2p -Final dividend of 2.4p per share; full year dividend of 3.4p per share -Share buyback continued in line with guidance: £40.2 million in last 12 months to date
Operational headlines
-Further progress made against the four pillars of our strategy to build a leading international, multi-channel brand, supported by prudent investment in key areas -Market share gains achieved in clothing and non-clothing product categories both in stores and online -Multi-channel continues to grow well ahead of the market with online sales up 46.2%, representing 13.2% of Group sales -12 store modernisations completed, transformation of Oxford Street into our international flagship store on track for December 2013 launch -New Designers at Debenhams: Patrick Grant, Stephen Jones, Todd Lynn -Good performance from Magasin du Nord
SALES AND REVENUE
Group gross transaction value (GTV) increased by 2.5% to £2,776.8 million for the 52 weeks to 31 August 2013 whilst Group revenue increased by 2.3% to £2,282.2 million.
For the UK segment, GTV increased by 2.3% to £2,254.8 million (2012: £2,204.6 million) and revenue grew by 1.9% to £1,895.9 million. This was principally a result of very strong growth in online sales, the benefit of the store modernisation programme and the impact of new stores opened during 2012 and 2013.
For the International segment, GTV of £522.0 million was 3.7% higher than last year and revenue increased by 4.5% to £386.3 million. International growth was largely the result of a strong sales performance by Magasin du Nord in Denmark, increased trading with international franchise partners and expansion of international online.
Group like-for-like sales increased by 2.0%, principally driven by growth in online sales of 46.2% to £366.3 million (2012: £250.6 million). The performance of the UK stores was impacted by lower footfall due to the structural change in shopping habits into online as well as weather-related issues in the first half.
Own bought products accounted for 76.7% of the sales mix, unchanged from the prior year. UK own bought sales mix was essentially unchanged at 79.9% (2012: 80.0%) whilst International increased to 63.0% (2012: 62.6%). Overall, own bought sales grew by 2.5% whilst concession sales were 1.9% higher than the previous year.
Group like-for-like sales increased by 2.0%, principally driven by growth in online sales of 46.2% to £366.3 million (2012: £250.6 million). The performance of the UK stores was impacted by lower footfall due to the structural change in shopping habits into online as well as weather-related issues in the first half.
Own bought products accounted for 76.7% of the sales mix, unchanged from the prior year. UK own bought sales mix was essentially unchanged at 79.9% (2012: 80.0%) whilst International increased to 63.0% (2012: 62.6%). Overall, own bought sales grew by 2.5% whilst concession sales were 1.9% higher than the previous year.
