Money Debenhams steps up spending in bid to return to growth

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

Living standards squeeze as inflation tops wages

  Living standards squeeze as inflation tops wages Wage growth has slipped below the rate of inflation, a development that threatens damage to living standards and the wider economy through an erosion of household spending power. The Office for National Statistics (ONS) reported that average wages, when the effects of bonuses were excluded, grew by 2.2% in the three months to February.While that was slightly better than economists had predicted, it still marked a 0.1% fall on the previous month's figure, which meant salaries failed to keep pace with the rate of inflation for the first time since the summer of 2014.The Consumer Price Index measure stood at 2.

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)

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

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