Money Debenhams steps up spending in bid to return to growth

12:20  20 april  2017
12:20  20 april  2017 Source:   Reuters

Card spending online jumps to £422m a day

  Card spending online jumps to £422m a day Internet spending has leapt by more than a quarter in the last two years, figures show. Card spending online reached £154 billion in the UK last year, averaging £422 million a day, the UK Cards Association said.The figure is an increase of 28% since 2014, when online spending amounted to £120 billion.The UK spends more online per household than any other country, at 5,900 US dollars in 2015 - higher than Norway (5,400 US dollars), the US (4,500 US dollars) and Australia (4,000 US dollars), the study found.Spending on entertainment accounted for one in four online card purchases.

LONDON (Reuters) – Debenhams , Britain’s second-largest department store group, on Thursday detailed a plan to return to growth by becoming more of a destination for shoppers that is differentiated from rivals and has an enhanced digital offer.

Debenhams (DEB.L), Britain's second-largest department store group, on Thursday detailed a plan to return to growth by becoming more of a destination for shoppers that is differentiated from rivals and has an enhanced digital offer.

General Views of Debenhams on Londons Oxford street on January 10th 2011. © REUTERS/Ki Price General Views of Debenhams on Londons Oxford street on January 10th 2011.

Debenhams (DEB.L), Britain's second-largest department store group, on Thursday detailed a plan to return to growth by becoming more of a destination for shoppers that is differentiated from rivals and has an enhanced digital offer.

Following a strategic review by new Chief Executive Sergio Bucher the group also plans to drive efficiency by simplifying the business.

Debenhams said additional investment was required to upgrade its mobile systems, supply chain and its store estate.

It said annual capital expenditure would be 150 million pounds between full year 2018 and full year 2020 versus current annual capex of 130 million pounds.

It said total exceptional costs over 2017-2020 would be 50 million pounds of which approximately half would be cash.

Debenhams, which is second to No.1 department store chain John Lewis [JLP.UL] by revenue, also said it made a pre-tax profit of 87.8 million pounds in the 26 weeks to March 4, down 6.4 percent from 93.8 million pounds in the previous corresponding period.

(Reporting by James Davey; editing by Kate Holton)

Consumers rein in non-food spending as inflation bites .
Britain’s high street saw the biggest drop in retail sales, excluding food, in nearly six years in the first quarter of 2017, raising concerns about the strength of the country’s consumer boom. Non-food retail sales fell by 0.8 per cent in value over the period compared to a year earlier according to figures from the British Retail Consortium, released on Tuesday.

Source: http://uk.pressfrom.com/news/money/-144451-debenhams-steps-up-spending-in-bid-to-return-to-growth/

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