Formerly known as the Boohoo Group, Debenhams Group registered 3 per cent growth in adjusted EBITDA to £41.6 million for the fiscal year that ended on February 28, 2025. This was a result of the major transformation undergone by the company under new leadership.

Having his position as the CEO in November 2024, Dan Finley implemented aggressive cost-cutting measures, including £50 million in annualized headcount savings. This resulted in the achieving the strong performance for its Debenhams brand, which saw GMV (Gross Merchandise Value) grow by 34 per cent to £654 million and delivered £25 million in adjusted EBITDA.

The group also significantly reduced expenses by cutting inventory holdings by over 50 per cent and decreasing capital expenditure by more than 50 per cent. As a result, net debt reduced to £78.2 million at the end of the year, down from £143.1 million at the half-year mark and £95 million in fiscal year 2024.

In August 2025, the company secured a new three-year finance facility of up to £175 million, replacing its previous facility more than a year before it was due to expire.

While group revenue declined by 12 per cent to £790.3 million, this reflects the growing importance of the marketplace model, where only commission income is recognized instead of the full transaction value. The gross margin also saw a slight decrease of 50 basis points to 52.6 per cent.

The company is exploring the potential sale of PrettyLittleThing (PLT) and is evaluating options for its US and Burnley distribution sites to align with its new ‘stock-lite’ strategy.

The company anticipates that its adjusted EBITDA for continuing operations in H1, FY26 will surpass the same period in FY25. The transformation strategy is centered on creating the right operating model, expanding the Debenhams brand, and shifting toward fashion-led marketplaces.