Debenhams stocks up despite profits dip

<p>Debenhams has announced its profits are down.</p>

The share price of Debenhams is up this morning (April 18th) despite the company announcing a dip in profits in its latest financial results.

It was revealed by the upmarket department store chain that bad weather had a negative impact on its sales and it made £120.3 million in profits for the six months to March 2nd 2013, a fall of 5.4 per cent.

"We expect to make further progress in the second half, despite consumer sentiment remaining weak and challenging market conditions," chief executive Michael Sharp said.

The company's like-for-like sales were up by more than three per cent and it was noted by the firm how this has been driven by growth at its online operations.

At 08:25 BST, the share price of the company was recorded at 86.45, a rise of more than seven per cent on the start of the day's trading.

Stocks in the firm are now easing higher above the 52-week low of Debenhams shares that currently stands at 71.45.

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