Department store chain Debenhams has reported a 123 per cent hike in annual profit and said it is optimistic on future growth.
 
Full-year pre-tax profit totalled £238.6 million compared with £107.0m the year before, while trading profits rose 49.0 per cent to £254.2m.

Net sales for the year grew 9.7 per cent to £2.09 billion, with UK department stores' UK market share rising to 18.6 per cent from 16.4 per cent last year.  Same-store sales edged up 2.8 per cent.

Demand for the Designers at Debenhams collections was especially strong, the company said.

Debenhams, which was taken private by CVC Capital Partners, Texas Pacific Group and Merrill Lynch Global Private Equity in December 2003, stated it has "no definitive plans" to relaunch on the stock market.