The Newshound

Boohoo owner Debenhams returns to profit for the first time in five years and now targets a £100m profit

Boohoo owner Debenhams returns to profit for the first time in five years and now targets a £100m profit

Debenhams Group made a £28.3m pre-tax profit in the six months to the end of August, against a £17.9m loss a year earlier. Chief executive Dan Finley said: 'The turnaround continues at pace.' The firm also sold Nasty Gal to US company WSG Brands for £12m and expects net debt to be negligible by year-end. Bosses now want more than £100m in annual pre-tax profit in the 'medium term'.

The Debenhams brand grew 14.1%, while Pretty Little Thing and Boohoo edged up 1.1%.

BoohooMan revenues fell sharply, dropping over 25% to £80m.

Bosses are chasing £100m in cost savings, with 'additional material cost reductions' expected next year.

MoreLBCBoohoo owner Debenhams hails return to profit for first time in five yearsAOL.co.ukBoohoo owner Debenhams targets £100m profit as turnaround plans 'significantly ahead' of schedule - AOL.co.ukRetail GazetteDebenhams Group returns to profit for first time in five years as turnaround accelerates - Retail GazetteFashionNetwork USABoohoo/Debenhams has strong first half as it swings to profit, slashes debt - FashionNetwork USARTÉ IrelandBoohoo owner Debenhams return to profit for first time in 5 yearsCity A.M.Boohoo eyes £100m profit as online seller revives fortunes
Read today's full feed at The Newshound →