Debenhams (Frankfurt: D2T.F – news) , Britain’s second-biggest department store, said trading had become more volatile in the second half of the year and warned its 2017 profit could slip towards the lower end of expectations if conditions did not improve.

The retailer, in the middle of a turnaround programme led by new Chief Executive Sergio Bucher, reported a 0.9 per cent fall in group like-for-like sales in the 15 weeks to June 17, its fiscal third quarter.

It said it anticipated that 2017 profit before tax would be within the range of market expectations. However, it said that should current market volatility continue, the outcome could be towards the lower end of the current range.