As the first half of its financial year draws to a close, Debenhams has issued a profit warning, stating that it could no longer stand by its previous statement that it was "on track to deliver current year profits in line with market expectations". It will provide a further update when it issues its half-year results. During the period, gross transaction volume was down by 5.3% on a like-for-like basis, with UK down 6%, international down 2.3% and digital up 2%. The CEO has said that there will probably be closures of around 50 stores in the medium term, with a programme aiming to save £80m a year.