Debenhams finance boss quits days after major profit warning Debenhams on Tuesday said that pre-tax profits for the first half of its financial year are now likely to be around £85m, almost 25pc less than City forecasts of £110m for the six months to the end of February. The profits warning sent Debenhams' shares down 12pc, wiping £124m off the value of the company. The profits warning was the second from Debenhams in less than a year. However, Mr Sharp on Tuesday insisted there was not a "fundamental flaw" in Debenhams strategy. He blamed the profits warning on weak consumer confidence and heavy discounting among fashion retailers as they attempted to shift unsold winter clothing that had built-up because of the mild autumn. Mr Sharp also warned that a "final surge" in sales in the week before Christmas had not materialised. Debenhams now plans to cut prices by as much as 70pc to sell clothing in January and February. Debenhams' director of finance, Neil Kennedy, is to assume the role of chief financial officer while the company searches for a replacement. Mr Sharp said: "On behalf of the board, I would like to thank Simon for his hard work and contribution over the past two years. We wish him well in the future. Debenhams shares rose 2pc in early trade.