
Debenhams half-year profits slump by 85%
Debenhams has reported an 85% slump in half-year profits after sales were battered by the Beast from the East and heavy restructuring costs also took their toll.The department store chain said almost 100 of its stores temporarily closed as a result of the extreme weather conditions earlier this year.Pre-tax profits for the 26 weeks to 3 March collapsed to £13.5m compared to £87.8m in the same period last year, with like-for-like sales down 2.2%.The group cut its interim dividend by half to 0.5p. Shares fell 10% in early trading.Debenhams said the weather impact alone was estimated to have accounted for a 1% fall in sales - with the freezing conditions coming at a time when the business was promoting its "new season spectacular".The profits slump was also partly due to one-off shake-up cost