Debenhams Tumbles as Holiday Discounts to Cause Profit Slide
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Debenhams Plc, the U.K.’s second-largest department-store chain, became the first victim of increased holiday discounting by Britain’s retailers as it said profit will drop in the first half of the financial year.
An anticipated surge of Christmas business failed to materialize and has left Debenhams with a backlog of inventory to clear in the next two months, the London-based company said today, sending the shares down as much as 15 percent.