Debenhams Reports Drop in Comparable Sales

British department stores group Debenhams reported a 5% drop in like-for-like sales for the year to Sept. 1, but said underlying pretax profit was expected to be in line with market expectations.

"Macro economic factors suggest that the retail environment will be more challenging in the short term, nonetheless we believe that the actions we have implemented across the business position us well for the new financial year," Chief Executive Rob Templeman said in a trading update.