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Debenhams withdraws previous full-year outlook

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Debenhams withdraws previous full-year outlook
FILE PHOTO: Shoppers walk past the Debenhams department store on Oxford Street in London, Britain December 15, 2018. REUTERS/Simon Dawson/File Photo   -   Copyright  Simon Dawson(Reuters)
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(Reuters) – Debenhams Plc withdrew its previous full-year outlook on Tuesday, saying that talks with stakeholders to restructure its balance sheet would likely be disruptive.

The company had said in January that it was on track to deliver current year profits in line with market expectations. It said on Tuesday that this was no longer valid.

The department store group, which has been fighting for its survival, said that like-for-like sales fell 5.3 percent in the 26 weeks to March 2, an improvement over the 5.7 percent drop in the first 18 weeks of the financial year.

(Reporting by Arathy S Nair in Bengaluru; Editing by Bernard Orr)

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