Partner Article

Debenhams CFO steps down after disappointing Christmas

In the wake of disappointing Christmas, Debenhams CFO Simon Herrick has decided to resign.

Debenhams projected that pre-tax profits for the first half of its financial year will be around £85m, almost 25pc less than City forecasts of £110 million for the six months to the end of February.

A search to find Simon’s replacement is underway. Neil Kennedy, director of Finance, will assume the role of Acting Chief Financial Officer on an interim basis.

Michael Sharp, chief executive of Debenhams, said: “On behalf of the board, I would like to thank Simon for his hard work and contribution over the past two years. We wish him well in the future.”

Shares in the department store chain closed down 12.2% on the last trading day of the year, cutting a reported £124 million off the value of the company.

The news was better for some of Debenhams competitors. Like for like sales at John Lewis climbed by 6.9% over the festive period, with total sales in the five weeks to December 28 reaching £734 million.

Andy Street, managing director of John Lewis said on the BBC Breakfast show that this was bcause they had not cut any prices before Christmas, unlike their competitors Marks and Spencer, who had cut prices by 30%.

This was posted in Bdaily's Members' News section by Clare Burnett .