Retailer reveals it will resume capital spending next year, as profits and confidence return
Debenhams will restart its store refurbishment programme next year as confidence begins to return to the retail sector, the firm said today.
In its full-year results, out this morning, the department store chain said it would recommence its capital spend in the second half of 2010.
It said: “We will be investing for future growth through the opening of new stores, development of our multi-channel business and recommencing the store refurbishment programme.”
Debenhams put store refits largely on hold this year amid volatility on the high street. But today, it reported better than expected results for the year to 29 August, which showed a 14% rise in pre-tax profit to £120.8m, up from £105.9m in 2008.
The news is the latest sign that retailers are once again turning their eyes to capital programmes. Earlier this month, Sainsbury's said it was on track to achieve its 15% expansion plan by 2011.