UK's Debenhams posts higher interim profit as key brands return to growth (updated)
UPDATE 1-UK's Debenhams posts higher interim profit as key brands return to growth Updates with details throughout
Sept 17 (Reuters) - British fashion retailer Debenhams Group DEBS.L reported a 13.9% rise in first-half core profit on Thursday, helped by its shift to a marketplace model and a return to growth at key brands including PrettyLittleThing, boohoo and Karen Millen.
The iconic brand has been undergoing a turnaround after years of weak sales at its youth brands, high debt and declining profitability, and is shifting to a capital-light marketplace model to boost margins and cash flow.
The company reiterated its annual profit forecast and reported adjusted core profit of £24 million ($32.12 million) for the six months ended August 31, compared with £21 million a year ago.
($1 = 0.7472 pounds)
(Reporting by Ankita Bora in Bengaluru; Editing by Rashmi Aich)