Fashion
Debenhams Group results show EBITDA up, GMV down, explores sale of underperforming PLT

Published
August 26, 2025
Debenhams Group (which used to be Boohoo Group) issued its annual results for the year to the end of February on Tuesday afternoon and said adjusted EBITDA rose 3% to £41.6 million.
There were plenty of negative figures in the report too, but some things are clear – this is still a huge operation selling a massive amount of fashion and other products. And certain parts of the business are performing much better than others. The Debenhams brand in particular is a standout performer. But PrettyLittleThing (PLT), which was recently relaunched, clearly isn’t. It had a negative impact on the results and the company is exploring its sale.
The shares spiked upwards by about 3% on the news, which is understandable given the negative impact PLT has had on the group’s performance.
CEO Dan Finely said: “We have a clear plan to transform the business and a route map to generating sustainable profit growth. We are focused on delivering on the huge opportunity ahead for the Debenhams brand. Work is progressing to reposition and right-size the Youth Brands.
“This will be a multi-year turnaround. As part of our ongoing business review, we are exploring a potential sale of PLT. We are also assessing long-term options for our US and Burnley distribution sites to enhance efficiency and ensure alignment with our stock-lite strategy.”
He added that “all our brands are now trading profitably in terms of adjusted EBITDA”.
The numbers
Big news indeed, although at this stage it’s not certain that PLT will be sold. So let’s look at the figures for the group with and without PLT being included. In what was clearly a year of transition as the company changed its leadership and dived deeper into a marketplace model, GMV pre-returns and excluding PLT fell 2% to just under £1.607 billion and including PLT GMV fell 10% to almost £2.322 billion.
The Youth Brands’ GMV fell 19% to £795.6 million without PLT and fell an even wider 22% to £1.51 billion with PLT included. Meanwhile Karen Millen fell 3% to £157.1 million. But the Debenhams brand was up an impressive 34% at £654 million.
GMV for the company post-returns was up 1% with PLT excluded at just over £1.137 billion but was down 8% with it included at £1.639 billion.
Total revenue excluding PLT fell 12% to £790.3 million and with it included fell 17% to just under £1.218 billion.
The gross margin excluding PLT fell to 52.6% from 53.1% and including it fell to 50.7% from 51.8%.
That’s a lot of numbers to digest but it’s very clear the PLT is an issue.

Profit… and loss
Profit-wise, the company highlighted the adjusted EBITDA figure mentioned at the start, but some of the other figures in the report were less impressive with adjusted EBIT a loss of £21 million. That said, this was an improvement on the £30.7 million loss on that basis a year earlier. The adjusted loss after tax also narrowed by 12% to £43.4 million.
Dan Finley, who took the helm last November, said that when he stepped up from running the Debenhams brand, “the board recognised the need for change following a long period of sustained and unacceptable underperformance. My immediate focus has been on stabilising the business and positioning it to take advantage of the significant opportunities ahead”.
Of that happily positive adjusted EBITDA figure, he added: “On appointment, [such an achievement] seemed improbable, but we quickly came up with a plan, confirmed our position with the market and executed it. This has only been possible due to the aggressive actions subsequently taken, including £50 million of annualised headcount savings.”
Debenhams brand leading the way
Finley called out “the standout performance of the Debenhams brand” as the year’s highlight and the brand’s adjusted EBITDA of £25 million (up £14 million year on year).
And he explained that the Debenhams “capital-lite, stock-lite, cost-lite, cash-generative marketplace model sits at the heart of our new strategy. The multi-year turnaround of Debenhams is the blueprint for the turnaround of the wider group”.
Other achievements include the group having “significantly reduced the capital intensity of the business. We have faced into legacy stock issues and reduced our stock holding by more than 50%. We have stopped unnecessary capital expenditure and reduced capex by more than 50%. Further reductions will be delivered this financial year”.
Improvements in its debt position have also been key and Finley explained that while “the business has been through a very challenging period which is reflected in these results. I want to assure shareholders that the business is taking the necessary actions, quickly and decisively, to address the challenges that we face. No stone will be left unturned”.
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Fashion
Bangladesh’s RMG exports up 4.7% in Q1 FY26, but Sept shipments dip

Woven garment exports slightly outpaced knitted garment exports in terms of growth. Knitwear exports (Chapter **) rose by *.** per cent to $*.*** billion, compared to $*.*** billion in the same period of fiscal ****–**. Woven apparel exports (Chapter **) increased by *.** per cent to $*.*** billion, up from $*.*** billion in July–September ****, EPB data showed.
Home textile exports (Chapter **, excluding ******) also grew, rising by *.** per cent to $***.** million, compared to $***.** million in the same period of the previous fiscal. Collectively, exports of woven and knitted apparel, clothing accessories, and home textiles accounted for **.** per cent of Bangladesh’s total exports, which stood at $**.*** billion during the period. Higher demand for diversified and value-added textile products supported this growth.
Fashion
Dutch manufacturing flat in August, up 1.7% from July: CBS

Slightly more than half of the various industrial sectors produced less than they did one year previously. Of the eight largest industrial sectors, output rose the most sharply in the repair and installation of machinery, while it fell the most sharply in the transport equipment industry.
A more accurate picture of changes in short-term output is obtained when the figures are adjusted for seasonal effects and the working-day pattern. After adjustment, manufacturing output rose by 1.7 per cent in August relative to July, CBS said in a press release.
In August 2025, Dutch manufacturing output remained unchanged year-on-year, although output declined in over half of the industrial sectors.
After seasonal adjustment, output rose by 1.7 per cent compared to July.
The strongest growth was seen in the repair and installation of machinery, while transport equipment recorded the sharpest decline.
After adjusting for seasonal and working-day effects, manufacturing output often fluctuates significantly. In the spring of 2020, output declined rapidly, reaching a low point in May 2020. This was followed by an upward trend until May 2022. The trend has reversed since then.
Producer confidence was less negative in September than it was in August. Manufacturers were more positive regarding output for the next three months, in particular.
Germany is an important market for the Dutch manufacturing sector. In September, German manufacturers were more negative than they were in August, as reported by Eurostat. In August, the calendar-adjusted output of the German manufacturing sector was down by 5.1 per cent, year on year. Relative to July, output fell by 5.5 per cent, as reported by Destatis.
Fibre2Fashion News Desk (RR)
Fashion
ADB commits $82.5 mn to drive Cambodia’s energy transition

The first subprogramme, approved in 2022, introduced pivotal policy measures that guided the energy sector toward a more efficient and renewable development pathway. Building on this foundation, subprogramme 2 advances regulatory reforms to strengthen the energy efficiency framework and enhance policy clarity to attract private sector investment. A key milestone under the subprogramme is the introduction of the country’s first set of regulations establishing Minimum Energy Performance Standards for electrical appliances, starting with air conditioners, which account for the largest share of energy consumption in the residential sector, ADB said on its website.
Subprogramme 2 will also establish an Energy Efficiency Revolving Fund aimed at facilitating access to finance for local small and medium-sized enterprises (SMEs) to invest in energy-efficient technologies. The revolving fund will be set up through a financial intermediation structure to enable local banks to extend loans to SMEs for energy efficiency investments. By mobilizing domestic financial institutions and supporting SMEs, the revolving fund is expected to accelerate the nationwide scale-up of energy efficiency investments.
Asian Development Bank (ADB) has approved $82.5 million for Phase 2 of Cambodia’s Energy Transition Sector Development Programme to support clean energy through policy reforms and investments.
The programme introduces energy efficiency standards, establishes a revolving fund for SME financing, and also aims to attract private investment.
“ADB is honoured to support Cambodia in its ambitious and transformative journey in the energy sector. Through a comprehensive reform package, combining policy support with strategic investments, the Energy Transition Sector Development Programme will support turning the government’s ambitious vision into reality,” said ADB acting country director for Cambodia Anthony Gill. “This includes the goal of achieving 70 per cent renewable energy in the power mix by 2030, along with a strong commitment to advancing energy efficiency, which is essential to ensure that Cambodia’s growth remains both sustainable and affordable.”
Subprogramme 2 will be followed by a third phase in 2027, which will further deepen reforms by expanding the energy efficiency regulatory framework and introducing technical standards for renewable energy, buildings, and industry to further attract private sector investment.
Fibre2Fashion News Desk (RR)
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