Unlisted British department store group Debenhams said today it had enjoyed a strong Christmas and was gaining market share following a 6 per cent rise in same-store sales for the fourth quarter of 2004.
Debenhams, which was acquired just over a year ago by a private equity consortium and its management team, said turnover for the quarter, including new retail space, had increased by 8 per cent to £518.5 million.
Pre-tax profits for the first quarter of the financial year were almost quadrupled to £61.1 million, and chief executive Mr Rob Templeman said subsequent trading - including the key Christmas period - had been robust.
High-street competitors to Debenhams include House of Fraser, John Lewis and Mr Philip Green's Bhs.
Although no trading figures were published for Christmas, the 6 per cent like-for-like figure is higher than any other large-space general retailer recorded in the recent string of British retail trading statements.
Debenhams, which was bought out in December 2003 with capital from CVC Capital Partners, Texas Pacific Group and Merrill Lynch Global Private Equity, said supply chain initiatives had resulted in increased stock turn and boosted the gross margin to 42.5 per cent.
The company is currently refitting stores and has a store-opening programme that saw three new outlets launched in the first financial quarter.