Department store chain Debenhams’ shares have fallen 20% after it warned that annual profits would be lower than expected.
It said underlying pre-tax profits were now likely to be between £55m and £65m this year. Analysts had been expecting profits to be about £83m.
Debenhams said like-for-like sales in the UK fell 2.6% in the 17 weeks to 30 December amid a “volatile and competitive” market.
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