Manchester-based retailer Debenhams-Boohoo said on Monday its performance is “comfortably ahead of previous guidance” as its multi-year turnaround strategy continues at pace.

The group’s brands incude Debenhams, Karen Millen, boohoo, MAN and PLT.

In a trading update for the year to February 28, 2026, Debenhams-Boohoo said: “The Board is pleased to announce its forecast delivery of £53 million Adjusted EBITDA in the financial year to 28 February 2026 (FY26).

“This is comfortably ahead of the previously upgraded guidance in the Company’s Trading Update announcement dated 28 January 2026. This year on year 36% increase in full year Adjusted EBITDA is driven by a 76% increase in H2 Adjusted EBITDA.

“The Board remains confident of double-digit Adjusted EBITDA growth in the financial year ending 28 February 2027 (FY27). The final quarter of 2026 continued to see material improvements in the Group’s GMV trend, delivering three consecutive quarters of GMV decline improvement, exiting February -5% below last year.”

Group CEO Dan Finley said: “Our multi-year turnaround strategy continues at pace. We are pleased with the 76% increase in H2 Adjusted EBITDA and £53m full year Adjusted EBITDA. Our pivot to the stock-lite, capital-lite, highly profitable marketplace is working.

“The cost base has been reset, the warehouse consolidation completed, the tech re-platform delivered, the stock base rightsized, most of the onerous costs exited and the brand management teams strengthened. This is significant progress, ahead of our plan, but there is still more to be delivered and we now focus on growth.”