Debenhams Plc, the second largest department store chain in UK, reported a sharp increase in its profit for the first six months of the fiscal. The retailer posted a growth of 18.6% in its H1 underlying profit, beating the expectations of the market analysts. Debenhams released its first half results today. In its results, the company also said that it is optimistic for the rest of the year.

Debenhams, owner of nearly 160 stores in UK, said today that the company has reported an underlying profit of £123.6 million in the first half of the fiscal ended February 27 this year.

The underlying profit in the first half was reported up by 18.6% compared to the same period last year when it was reported of £104.2 million. The result also surprised the market analysts who were expecting an underlying profit of £116 million for the first six months.

The retailer posted a net income of £80.1 million in the first half, decreasing slightly while it was reported of £81.2 million in the same period last year. The revenue in the first half was reported of £1.42 billion, increasing by 8.4% compared to the same period last year. The company said that the sales at stores open over a year were reported up by 0.3% in the first half of the fiscal.

Also, the retailer expects to keep this momentum in the second half of the year. Debenhams said that the company is in very good position to continue to grow margins and market share.