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Debenhams Plc Debenhams plc Debenhams plc Annual Report & Accounts 2014 Annual Report & Accounts 2014 Debenhams is a leading international, multi-channel brand with a proud British heritage trading out of 245 stores in 28 countries and online in 67 countries. We offer our customers around the world a unique, differentiated and exclusive mix of own brands, international brands and concessions. FINANCIAL RESULTS Gross transaction value (GTV) £2.8bn Revenue £2.3bn Underlying profit before tax* £110.3m *Before non-recurring finance cost of £4.5m. Basic earnings per share 7.1p Dividend per share 3.4p Overview Corporate governance 92 Consolidated balance sheet 04 Chairman’s letter 40 Chairman’s introduction 93 Consolidated statement of changes 06 Market overview 42 Board of directors in equity 44 Corporate governance report 94 Consolidated cash flow statement Strategic report 50 Nomination Committee report 95 Notes to the financial statements 10 Chief Executive’s report 51 Audit Committee report 135 Five year record income statements 14 Business model and strategy 54 Directors’ remuneration report 136 Five year record balance sheets 16 Our strategy at a glance 78 Directors’ report 137 Independent auditors’ report to the 18 Resources, relationships and sustainability 81 Statement of directors’ responsibilities members of Debenhams plc (Company) 24 Key performance indicators 139 Company balance sheet 26 Risk review Financial statements 140 Notes to the Company financial statements 28 Principal risks and uncertainties 84 Independent auditors’ report to the members of Debenhams plc (Group) Other information Performance 90 Consolidated income statement 147 Store list 34 Financial review 91 Consolidated statement of 148 Glossary and references comprehensive income 149 Additional information Please refer to the glossary on page 148 for explanations of financial and retail industry terms. Debenhams plc Annual Report & Accounts 2014 1 In this section 04 Chairman’s letter 06 Market overview Debenhams plc Annual Report & Accounts 2014 OVERVIEW2 In this section our Chairman Nigel Northridge shares his thoughts on 2014 and we provide some context on the markets in which we operate, as well as independent views of the UK retail market and economy. Debenhams plc Annual Report & Accounts 2014 OVERVIEW3 OVERVIEW CHAIRMAN’S LETTER A solid base on which we can build NIGEL NORTHRIDGE Chairman Despite the challenges we faced in 2014, we have focused on making progress in our strategy to build a leading international, multi-channel brand. We have also diversified our sources of funding, maintained the dividend and strengthened our board. Debenhams plc Annual Report & Accounts 2014 4 Dear Shareholder Our dividend 2014 saw the bicentenary of the Debenhams Debenhams remains a cash generative name appearing on the British high street. business and the board has therefore At the same time it was one of the most decided to maintain the total cash dividend challenging years we have encountered at 3.4 pence per share for 2014 despite in those 200 years. Whilst the results lower profits. It is our intention to rebuild for the first half of the year were very dividend cover over time as earnings disappointing, we are clear about the increase. The share buyback has issues that we faced and are taking decisive been discontinued. action to address them. As a consequence, we saw a much better performance in the Our board We welcomed Suzanne Harlow to the second half. I am therefore confident we board in December 2013. Suzanne has have a solid base on which we can build 20 years’ experience with Debenhams. in 2015 and beyond. She has held the role of Group Trading Our strategy Director since 2008 and leads the design, The board firmly believes that the four buying and merchandising functions of pillars of our strategy to build a leading the business. international, multi-channel brand Matt Smith will join the board as Chief remain the right way to create value Financial Officer during the course of 2015 for our shareholders. and we look forward to the benefits that You can see a visual representation of our his extensive experience of international strategy on page 14. Our customers are and multi-channel retailing will bring to at the heart, reflecting the importance our business. 200 years of continuing to deliver a compelling Matt succeeds Simon Herrick who left the customer proposition across all sales business in February 2014. Neil Kennedy channels. During 2014 we also worked hard has done an excellent job as Acting Chief In December 2013 we celebrated the to improve the performance of our sales Financial Officer since this time, for which 200th anniversary of the Debenhams channels in the UK by making our multi- we extend our sincere thanks. name appearing on the high street channel service offer more competitive and for the very first time. We marked the by seeking to improve the return on the UK The governance section starting on page occasion with special instore events stores by increasing sales densities. 40 provides more information on how the and a limited edition collection of International has also been at the forefront board carries out its duties. products designed by some of of our thinking during the year as we aim to the Designers at Debenhams. leverage our expertise from the UK into Our people other markets. You can read more about Our colleagues around the world coped this work and the progress made under admirably with the difficult trading each of the four pillars in the strategic conditions we saw in 2014. During the report on pages 16 and 17. year we undertook our second annual engagement survey and were pleased that Our finances more people took part and that last year’s At the start of July we refinanced our engagement score was maintained given borrowing facilities. We issued £225 million the challenging year faced by the business. of seven year senior notes and refinanced On behalf of the board I offer all of our our bank funding through a £425 million people my gratitude for their hard work revolving credit facility to October 2018. and dedication in 2014 and thank them in The refinancing has allowed us to achieve advance for their ongoing support in 2015. two goals. First, it reduces our reliance on traditional bank funding and secondly it Nigel Northridge diversifies our sources of funding. Over Chairman the life of the notes we also expect to achieve a material saving in interest costs compared with the anticipated cost of bank funding alone. Debenhams plc Annual Report & Accounts 2014 5 OVERVIEW MARKET OVERVIEW Putting our performance in context Market conditions in 2014 categories increased by 14.6% (source: shown in figure 3). In June 2014 wages fell In the UK, market conditions remained BRC-KPMG Retail Sales Monitor July 2014, for the first time since the recession in 2009, challenging. The number of people visiting 12 month average). despite a fall in unemployment to its lowest Britain’s shops declined, as seen in figure 1 since 2008. There was some recovery in Consumers began to feel better about their which shows high street footfall on a subsequent months. financial circumstances and so UK consumer monthly basis compared with the previous confidence started to increase during the Further, the UK remained highly competitive year. High street locations were impacted second half of the year (see figure 2). In June and promotional as evidenced by price most by the decrease in footfall whilst out 2014 consumer confidence recorded a score deflation throughout the year, the longest of town locations generally fared better. of +1, the first positive score since March period of deflation since 2006 (source: Lower store footfall was in part due to the 2005. The last four months of the year saw BRC-Nielsen Shop Price Index). continuing channel shift from stores to the index within a range of 0 plus or minus 2, The trading environment in our online. The percentage of the UK total prompting Nick Moon of GfK to comment: international markets was mixed. clothing, footwear and accessories market “It looks like we might be in a new period of The Danish economy is growing but the sold online grew from 17% in September relative stability for the index.” Republic of Ireland remained difficult. 2013 to 19% in August 2014 (source: Kantar However, many consumers were not feeling Our franchise markets generally Worldpanel market share data 24 weeks to any better off because wage growth was performed in line with the prevailing 3 August 2014, 24 weeks to 29 September lower than inflation throughout the year (as economic conditions. 2013). Total online sales in non-food Market metrics Figure 1: UK retail footfall (% change versus last year) 2.0 1.0 0 -1.0 -2.0 -3.0 Sep 13 Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug 14 Source: BRC/Springboard Footfall Monitor Figure 2: UK consumer confidence 5.0 0 -5.0 -10.0 -15.0 Sep 13 Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug 14 Source: GfK Consumer Confidence Barometer on behalf of the European Commission Figure 3: Average earnings and consumer prices annual growth rates (%) 5.0 2.5 0 -2.5 -5.0 Sep 13 Oct Nov Dec Jan Feb Mar Apr May Jun Jul 14 Source: Office for National Statistics Total pay Consumer Prices Index Debenhams plc Annual Report & Accounts 2014 6 about value; price is still important but they endless options on how they research, buy An independent view would rather buy fewer items and spend and have goods delivered. Retailers have of the UK retail market more on each for quality and longevity. far more interaction with the customer, which demands consistent levels of service Hence not every retailer is benefiting from on many more touch points.
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