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BUZZ-Debenhams: profit surprise puts shares on a 15-mth high

Reuters - UK Focus

** Debenhams (Other OTC: DBHSF - news) up c.5 pct at levels not reached since Jan 2014 & poised for biggest one-day rise since October in robust trading volume

** H1 pretax profit of 88.9 mln pounds up 4.3 pct on a yr earlier & above company-compiled forecast of 84.5 mln pounds

** Co has reduced promotions, improved online ordering & delivery options & filled under-used store space with concessions e.g. Sports Direct & Costa Coffee to boost visitor numbers

** But analysts at both Investec & Liberum highlight that while headline H1 PBT beat expectations, it was enhanced by 3 mln pounds due to bringing the New Season Spectacular sale into H1 (effectively pulling forward profit from H2)

** Both brokers repeat "sell" ratings on co

** Liberum expects consensus to remain unchanged following the update (RM (LSE: RM.L - news) : tricia.wright1.thomsonreuters.com@reuters.net)