Shares of U.K. department store operator Debenhams have plunged 14.94% after CEO Rob Templeman warned investors the company is likely to miss market expectations with its annual results, despite posting a 34.4% rise in first-half profit.
Poor sales performance was blamed for the profit slip, with same-store sales falling 6.9% between March 4 and April 15.
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"It is very early in the period, but given this trend we must plan on the basis that like-for-like sales performance may be negative in the second half,” Templeman told Reuters.
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