Debenhams Returns To Profit

Debenhams has returned to profit for the first time since it was bought out of administration by Boohoo in 2021.

In figures relating solely to the Debenhams business (DBZ Marketplace Online Ltd), pre-tax profits reached £4.5m for the year ended 29th February 2024, compared with pre-tax losses of £732k in the previous year, despite revenue declining from £73.5m to £39.7m. 

EBITDA has doubled to £10.4m and the company's gross merchandise value (GMV) has increased to £359.6m, up 65% on the previous year.

During the year the average number of people directly employed by Debenhams’ marketplace division fell from 115 to 24.

Dan Finley, chief executive of Boohoo, said: “Debenhams is an iconic British heritage brand. We bought it out of administration and are making great progress transforming it into Britain’s online department store.

“The marketplace model is stock-light, capital-light and highly profitable, as these results show. There is lots of opportunity ahead and we are focused on realising that for the benefit of all shareholders. We have previously announced that the current year started strongly for Debenhams.”

Source : Insight DIY

Image : Debenhams 

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