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Debenhams shares slip as sales dip

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Shares in department store chain Debenhams slid 3.4% after it reported falling sales amid “volatile trading”.Like-for-like sales dropped 0.9% in the 15 weeks to 17 June, and it added that May was “a tough month for retailers”.It said 2017 profits should be in the expected range, but added that if market volatility continued, profits could be at the lower end of forecasts.Its comments weighed on rival retail shares, with Marks and Spencer down 1.9%.Staying in the retail sector, Carpetright reported a sharp fall in profits but was upbeat about recent tradingFull-year pre-tax profits at the floor coverings specialist sank to £0.9m from £12.8m last year, with much of the fall due to the firm putting aside more money to cover onerous lease costs on loss making-stores.But shares in the company jumped 11% after it said recent trading had been “encouraging” with UK like-for-like sales up 2%.In early trade, the benchmark FTSE 100 share index was barely changed, inching up just 0.45 points to 7,447.25.On the currency markets, the pound was unchanged against the dollar at $1.2724 and down 0.1% against the euro at 1.1368 euros.
Source: BBC