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New Debenhams strategy to see 10 UK stores reviewed for closure

Debenhams plc has announced a new strategy, Debenhams Redesigned, together with interim results that are in line with expectations for the 26 weeks to 4 March 2017.

The company stated that it would review up to 10 UK stores for closure over the next 5 years, as well as 11 warehouses closures.

Group gross transaction value were up 2.9% to £1,676.5m (H1 2016: £1,628.7m), with UK LFL up 0.5%, reflecting further progress in growing non-clothing categories and strong online momentum.

Group EBITDA down 2.5% to £149.1m (H1 2016: £153.0m), with UK EBITDA down 6.0% and International EBITDA up 13.1%. Group profit before tax in line with market expectations, down 6.4% to £87.8m (H1 2016: £93.8m).

Sergio Bucher, Chief Executive of Debenhams, said, 'Our customers are changing the way they shop, and we are changing too. Shopping with Debenhams should be effortless, reliable and fun whichever channel our customers use.

'We will be a destination for 'Social Shopping' with mobile the unifying platform for interacting with our customers. If we deliver differentiated and distinctive brands, services and experiences both online and in stores, our customers will visit us more frequently and, having simplified our operations to make us more efficient, we will be able to serve them better and make better use of our resources.

'I'd like to thank the executive team and all our colleagues, who made sure that we were able to deliver a great experience for our customers over the peak trading period, and who are now working hard to implement our new strategy. This will set Debenhams on course for a successful and profitable future.'