Debenhams sales down as retail competition hots up

Debenhams said sales growth slowed as the number two UK department store faced competition from a resurgent Marks & Spencer Group. Despite this increased competition, Debenhams' first-half profit rose 17%. Sales at stores open for at least a year grew 5.1% in the six months to 2 March, down from 7.2% in the first 19 weeks, said chief executive officer Belinda Earl. 'There is concern that, in women's wear in particular, Debenhams is lagging Marks & Spencer,'' said Nick Bubb, a retail analyst at SG Securities, who gives the company a strong buy recommendation. 'With this M&S cloud hangi...