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Debenhams reported a £20 million earnings before interest, tax, depreciation and amortisation (EBITDA) for the first half of its fiscal year ending August 31, marking a significant improvement from a £3 million loss in the same period last year. The retailer's gross merchandise value increased by 1.8% overall during this period, with growth accelerating from 0.5% in the first quarter to 2.9% in the second quarter. CEO Dan Finley highlighted that cost-cutting measures and a major turnaround plan are on track, aiming for £100 million in savings by next year and reducing net debt from £102 million to negligible levels.
Written by the local model on 2026-09-17,
using this article's own text rather than the other coverage of the
same event (that is the story summary below).
Story summary
Debenhams, which owns brands like Boohoo and Pretty Little Thing, reported improved earnings of £20 million in the first half of 2023, compared to a loss of £3 million the previous year. The company's gross merchandise value (GMV) rose by 1.8% for the six months ending August 31, accelerating from an initial growth rate of 0.5% in the first quarter to 2.9% by the end of the period. CEO Dan Finley attributed this progress to cost-cutting measures as part of their major turnaround plan. Debenhams expects a "continued material improvement" and aims to achieve significant cost savings of £100 million by next year, bringing net debt to negligible levels at its February 2027 fiscal year-end.
Written for “Debenhams Earnings Improvement” on 2026-09-17,
grounded in this article and the 0 other(s) covering the same event.
Debenhams reveals earnings jump as turnaround gathers pace
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turnaround → reveal → pace
The retailer, which also owns the Boohoo and Pretty Little Thing brands, said it expects earnings to continue to improve after efforts to cut costs as it makes progress with its major turnaround plan.
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it → own → plan
Boss Dan Finley said: “Our turnaround continues at pace.
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turnaround → say → pace
“This is a strong first half and, importantly, one where growth accelerated as we went through it.”
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we → accelerate → it
Debenhams told shareholders that gross merchandise value (GMV), the group’s preferred sales measure, increased by 1.8% in the six months to August 31, compared with a year earlier.
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value → tell → August
It reported that growth of 0.5% in the first quarter accelerated to 2.9% in the latest quarter.
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growth → report → quarter
The retail firm also revealed reported earnings before interest, tax, depreciation and amortisation (EBITDA) of £20 million for the half-year, swinging from a £3 million earnings loss a year earlier.
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firm → reveal → loss
It said this was linked to an 83.5% fall in exceptional costs to £4 million.
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this → say → million
Bosses said they expect a “continued material improvement” in earnings and a return to profitability for the year.
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they → say → year
Debenhams said it is on track with plans to secure £100 million in cost savings by next year.
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it → say → year
The group also said it hopes to reduce its net debt from £102 million to “negligible” levels after selling off parts of its business in recent weeks.
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it → say → weeks
It came a week after the company announced the sale of its Sheffield warehouse for £90 million to Primark, which plans to use the site to support home deliveries.
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which → come → deliveries
Mr Finley added: “With the cost programme ahead of plan, lease costs falling and net debt down year on year, we are reiterating our guidance of double-digit adjusted EBITDA growth and free cash flow in full-year 2027.
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we → add → year
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“Since the half-year end, the Sheffield distribution centre and Nasty Gal disposals mark a further significant step in reducing leverage, and we now expect net debt to be negligible at our February 2027 year end.”
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debt → read → end
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