Department store group Debenhams today rubbed salt in the wounds of rival Marks and Spencer by announcing sales remained strong.
The high-street chain, which has 96 outlets in the UK and Ireland, said underlying sales for the 21 weeks ending July 21st were up 8.7 per cent and that gross margin was broadly flat. Both clothing and household goods achieved strong growth, the company said.
In contrast, Marks and Spencer said earlier this month its troubles were not over as like-for-like sales fell 3.4 per cent in the 14 weeks to July 7th, with clothing, footwear and gifts down 9.1 per cent.
Shares in Debenhams opened higher this morning on the London markets, having closed at 422p yesterday. The stock has risen 39 per cent in the past six months and has outperformed sector peers by 20 per cent.