Debenhams shares plunge

Debenhams shares dropped by almost 7% after experts warned that customers are shopping on its website instead of in its stores.

A report published by the analysts of Goldman Sachs showed that the outlook for the retailer was ‘modest’ by European standards. The retailer has been struggling to compete with rivals over the past few years.

As reported by the Daily Mail, Debenhams has been ‘wrestling’ with the shift in business online and warned that sales it generates on its website are just eating into business that would have been done in its shops.

Debenhams shares fell 5.75p to 79.65p. Chief executive Michael Sharp recently said he would leave next year after almost five years at the helm.