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Debenhams issues profit warning as it battles rivals' price cuts

Retailer seeks to reduce costs as chief executive warns of ‘exceptionally difficult times’ Department stores group Debenhams has issued its third profits warning this year, with its chief executive, Sergio Bucher, saying he sees no improvement in the “exceptionally difficult times” on the UK high street. The company first warned on profits in January, after a disappointing Christmas, and says trading in May and early June also fell short of expectations. The group has been hit by the general weakness in the retail market and increased discounting from rivals. Continue reading...
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