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'Creditable' Sales For Many Stores

15 January 2009

Christmas trading figures from high street stores have given the City a glimmer of hope, amid a deepening economic recession. Department store firm Debenhams and fashion chain Next both had "creditable" sales figures, while homewares group Dunelm described trading as "very robust". Next - at one stage the FTSE 100 Index's leading riser - was up more than 10% at one point, despite a 7% decline in like-for-like sales at its stores since the end of July. Although the group had refused to slash prices before Christmas, investors posted a "good start" to its sales as Next kept a particularly tight rein on costs. Debenhams announced a lower-than-expected sales decline of 3.3% across its stores in the UK and Ireland over the Christmas period, which pushed its shares up by almost 30%. Out-of-town homewares group Dunelm said its focus on the value-for-money end of the market, and the failure of rivals such as Rosebys, had helped it ride out lower sales. Privately-owned fashion company New Look, which also refused to cut prices before Christmas, had a successful holiday period after sales rose 2.8% on a comparable basis with 2007. Copyright © Press Association 2009

 

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