Debenhams CFO resigns after profits warning

Debenhams' chief financial officer Simon Herrick has resigned from his role after a profits warning on New Year's Eve sent shares plunging.

The department store said on New Year's Eve it expects pre-tax profits for the six months to April 2014 to amount to £85m, down from £115m in the same period of 2013, after its crucial Christmas season disappointed. The figure was much lower than analysts' predictions, which stood at around £110m, according to the BBC. The warning hit the department store's shares as they closed down 12.2% on the 31 December. Following the poor results, Herrick today announced his resignation from the role with immediate effect. The company said he will leave Debenhams on 7 February 2014. The gr...