Debenhams Group, the rebrand from Boohoo, has issued a third trading update this year. The group’s brands include PrettyLittleThing, Boohoo, of course, and Debenhams.
CEO Dan Finley said: “Our multi-year turnaround strategy continues at pace. We are pleased with the 76 per cent increase in H2 Adjusted EBITDA and £53m full year EBITDA. Our pivot to the stock-lite, capital-lite, highly profitable marketplace is working.”
He added: “The cost base has been reset, the warehouse consolidation completed, the tech re-platform delivered, the stock base rightsized, most of the onerous costs exited, and the brand management teams strengthened. This is significant progress, ahead of our plan, but there is still more to be delivered, and we now focus on growth.”
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