Britain's second largest department store chain, Debenhams has said that it has recorded an increase of 1.9 per cent increase in underlying sales during the ten weeks till 31 August, 2018.

Debenhams had earlier issued a profit warning stating that the sales might be affected sue to the weather. However, strong online sales helped the company record higher sales and it also said that store revamps and international growth helped the company increase sales.

Debenhams chief executive Michael Sharp said, "While the return to more seasonal weather conditions over the summer has been helpful. We have succeeded in growing both underlying sales and market share in a competitive market where consumers' disposable income remains under pressure."

He also said that the sales wither increased or the market share remained same across all the categories. Online sales continued to record strong growth with an impressive 46.2 per cent rise for the 52 weeks compared to 14.4 per cent rise in market share. The company is revamping its flagship Oxford Street store in London's West End for £25million and it is expected to be ready by Christmas.

There are reports that a number of large institutional investors are considering filing lawsuits against the bank.