Debenhams cuts dividend as first-half profit slumps

LONDON

British department store group Debenhams on Thursday warned on the full-year outlook for the second time in four months and cut its dividend as it reported a 52 per cent slump in first-half profit.

The retailer, which issued a profit warning in January, said it made an underlying pretax profit of £42.2 million ($59.9 million) in the 26 weeks to March 3 — below analysts’ average forecast of £44 million and the £87.8 million made in the first half of its 2016-17 year. Debenhams cut its interim dividend by 51 per cent to 0.5 pence.