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Debenhams Plc Annual Report and Accounts 2012

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Debenhams Plc Annual Report and Accounts 2012 Debenhams plc Annual Report and Accounts 2012 A leading international, multi-channel brand Business model Understanding Debenhams Debenhams is a leading international, multi-channel brand which is available in 92 countries through stores or online. We put our customers at the heart of everything we do and are truly passionate about the products that we sell, half of which are exclusive to Debenhams. How we buy What we sell A diverse supply chain A unique, diff erentiated and exclusive product off er Our sourcing strategy is based on “right product, right country.” Delivering a compelling customer proposition is a key part of We have been direct sourcing for many years, resulting in our strategy. Our off er is unique through a combination of own long-standing relationships with suppliers around the world. brands, international and concession brands. It is exclusive China/Hong Kong remains our largest sourcing hub whilst through core and designer own brands which account for other countries like Bangladesh are growing. At all times we almost half of everything that we sell. It is diff erentiated need to meet our customers’ expectations that every one of through Designers at Debenhams, a portfolio of diff usion our products is manufactured in a factory which is socially brands from some of the UK’s top fashion designers. We also ethical and quality assurance compliant. give our customers the wide choice of product categories that they expect from a department store. Country sourcing Direct vs indirect sourcing Unique mix of brands Wide choice of product categories Country % %Sales by brand % Own bought sales by category % China/Hong Kong 50 Direct 65 Own bought core brands 28.9 Womenswear 17.6 India 12 Indirect 35 Own bought designers brands 17.2 Menswear 13.8 Bangladesh 9 Own bought international Childrenswear 9.9 Vietnam 5 brands 30.6 Lingerie 6.3 Romania 5 Concessions/consignment 23.3 Accessories 14.0 Turkey 4 Health & beauty 22.8 Pakistan 3 Home & furniture 11.5 Cambodia 2 Sports & leisure 0.5 UK 2 Food services 3.4 Sri Lanka 2 Other 0.2 Morocco 1 Egypt 1 Rest of world 4 65% 76.7% Direct sourcing in 2012 2012 Own bought sales mix Read more about trends in sustainable sourcing Read more about “Delivering a compelling in the Sustainability Review on page 48. customer proposition” on page 20. How we sell Who we sell to Giving customers around the world more ways to shop A family department store with something for everyone The Debenhams brand trades through 239 stores in 28 Debenhams is a family department store that operates countries and is available online in 67 countries. Customers at the heart of the communities in which we are present. can also shop through smartphones, tablet computers and Our customer base refl ects our family orientation. In 2012 we other mobile devices as well as more traditional sales channels gained market share in key categories including womenswear, such as catalogues and by telephone. Our fl exible approach menswear, premium health & beauty and home & furniture. means that we can tailor our product range to meet the Over the past year we have focused communications with demands of a particular local market or channel. our customers on the “Life Made Fabulous” theme. Store numbers Gross transaction value by segment Frequency of visit No £m % UK 154 UK 2,204.6 Daily 2 International – Ireland 11 International 503.4 2-3 times a week 8 International – Denmark 6 Once a week 21 International – franchises 68 Once a fortnight 17 Once a month 23 Every couple of months 17 Sales by channel Sales by channel trend Less often 12 2010 95.9% 4.1% 2011 93.2% 6.8% Market share by age Market share gains in 2012 2012 90.7% 9.3% % Instore Under 20 2.4 Total clothing 20-24 years 3.5 Womenswear Online 25-34 years 5.5 Menswear 35-44 years 5.8 Childrenswear 45-54 years 5.7 Health & beauty 55-64 years 6.3 Home & furniture 65+ 5.2 Source: Kantar, NPD, GfK Source: Kantar Worldpanel Fashion Channel £m % market share data 24 weeks to Instore (UK and 2 September 2012 international) 2,457.4 90.7 Online (UK and international) 250.6 9.3 239 42 Stores trading the Debenhams brand Average age of Debenhams customer Read more about how we are “Focusing on Read more about how we communicate with UK retail”, “Increasing availability and choice our customers through our marketing activities through multi-channel” and “Expanding the on page 22. brand internationally” on pages 16 to 19, pages 24 to 27 and pages 28 to 31. Highlights Contents Gross transaction value * Overview 4 Chairman’s letter 6 2012 performance KPIs £2.7bn +2 .6% 8 Market overview Revenue* Strategy review 12 Chief Executive’s review 16 Focusing on UK retail 20 Delivering a compelling customer proposition 24 Increasing availability and choice through £2.2bn +2 . 5% multi-channel 28 Expanding the brand internationally Profi t before tax* Finance and risk review 34 Chief Financial Offi cer’s review £158.3m +4.2% 39 Risk review Sustainability Basic earnings per share * 48 Sustainability review Governance 55 Chairman’s introduction to governance 56 Board of directors 9.8p +14.0% 58 Corporate governance report 63 Directors’ report Dividend per share** 66 Remuneration report Accounts 75 Statement of directors’ responsibilities 3.3p +10.0% 76 Independent auditors’ report to the members of Debenhams plc (Group) *52 weeks to 1 September 2012 vs 52 weeks to 27 August 2011 77 Consolidated income statement **52 weeks to 1 September 2012 vs 53 weeks to 3 September 2011 78 Consolidated statement of comprehensive income 79 Consolidated balance sheet 80 Consolidated statement of changes in equity 81 Consolidated cash fl ow statement 82 Notes to the fi nancial statements 119 Five year record income statements 120 Five year record balance sheets 121 Independent auditors’ report to the members of Debenhams plc (Company) 122 Company balance sheet 123 Notes to the Company fi nancial statements Other information 129 Store list 130 Glossary 131 Shareholder information Note: The 2012 fi nancial year comprised 52 weeks to 1 September 2012 whereas the 2011 fi nancial year comprised 53 weeks to 3 September 2011. The board believes that in order to have a proper understanding of the performance of the business, in many cases it is more appropriate to compare the 52 weeks of the 2012 fi nancial year with the fi rst 52 weeks of the 2011 fi nancial year (the 52 weeks to 27 August 2011). The basis on which comparisons are made is clearly stated throughout this Annual Report and Accounts. Further details are set out in the Chief Financial Offi cer’s review on pages 34 to 38. To view our online report visit: ar12.debenhamsplc.com Debenhams plc Annual Report and Accounts 2012 1 Overview Over the next few pages we look at how Debenhams performed in 2012 and put our performance into context with an overview of the UK high street market. Chairman’s letter p4 Key performance indicators p6 Market overview p8 For more information go to ar12.debenhamsplc.com 2 Debenhams plc Annual Report and Accounts 2012 Overview 2 Strategy review 10 Finance and risk review 32 Sustainability 46 Governance 52 Accounts 75 Debenhams plc Annual Report and Accounts 2012 3 Chairman’s letter Resilient performance in challenging markets Nigel Northridge, Chairman 2012 was a year of celebration across the UK for many reasons, not least the Queen’s Diamond Jubilee and the hosting of enormously successful Olympic and Paralympic Games. For retailers, however, it was one of the most challenging years on record. 4 Debenhams plc Annual Report and Accounts 2012 Overview 2 Strategy review 10 Finance and risk review 32 Sustainability 46 Governance 52 Accounts 75 Dear shareholder Debenhams’ Corporate Governance Report can be found on pages 58 to 62 of this Annual 2012 was a year of celebration across Report and the Remuneration Report on the UK for many reasons, not least the pages 66 to 74. Queen’s Diamond Jubilee and the hosting of enormously successful Olympic and During the year, there were a number Paralympic Games. For retailers, however, of changes to the board. Having joined it was one of the most challenging years Debenhams at the beginning of November on record. 2011, Simon Herrick was appointed Chief Financial Offi cer at the Annual General A warm autumn/winter season was followed Meeting in January 2012, replacing Chris by a wet spring/summer season which Woodhouse who resigned from the board depressed consumer demand in an already on that day. Adam Crozier stepped down fragile environment. Despite this, I am from the board at the end of the fi nancial delighted to tell you that Debenhams not year, having served as a non-executive only weathered these diffi cult conditions but director for more than six years. We thank came out in good shape. Our like-for-like sales Chris and Adam for their commitment to performance during the year was by far the the business. Following Adam’s resignation, strongest for a number of years and we Dennis Millard assumed chairmanship of We are aware that capital allocation is a subject delivered our fourth successive year of the Remuneration Committee and Mark at the forefront of many shareholders’ minds. profi t before tax growth*. Rolfe succeeded Dennis as chairman of the The fi rst priority for the use of capital in This was Debenhams’ fi rst year under Audit Committee. Debenhams is to invest in the strategy that Michael Sharp’s leadership.
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