Debenhams likely to allay fears over winter trading with profits boost

Interim results from department store chain Debenhams tomorrow come weeks after the group dismissed City concerns about the impact of winter weather on trading.

The business maintained sales and profit growth through the cold snap and a "challenging" high street climate, with like-for-like sales up 0.3 per cent in the 26 weeks to February 27.

This was an increase on the marginal 0.1 per cent advance seen after 18 weeks, despite some disruption from the snow.

Societe Generale analyst Anne Chritchlow forecasts interim profits of 116m, improving on the 104.2m posted a year ago.

In March the group also said it grew its market share in menswear and childrenswear, although womenswear was dented by its shift from

concessions to own-bought ranges.

Debenhams has meanwhile seen a strong early response to the February revival of the Principles brand, which is now designed by Ben de Lisi.

Oil giant BP's executive pay plans will be back in the firing line at its annual general meeting in London on Thursday – a year after it faced a shareholder showdown over remuneration.

Lobby groups PIRC, the pension fund consultant, and the Association of British Insurers (ABI) have both raised concerns over BP's pay policy.

The moves follow last year's fiery investor meeting, when BP saw about 38 per cent of shareholder votes made against its remuneration report.

BP largely kept salaries on hold in 2009, but the firm's recent annual report revealed that chief executive Tony Hayward still landed a 41 per cent hike in his total pay package.

Mr Hayward took home 4m in salary, cash bonus and share awards last year, up from 2.85 million in 2008.

BP said Mr Hayward's variable performance-related pay increased from 1.5m to 2.1m last year, reflecting "the impressive achievements of the

year and the turnaround of performance over the past three years".

However, the firm reported a steep fall in profits in 2009, down 45 per cent to 9.2 billion.

PIRC is urging investors to oppose BP's report, calling the payouts "excessive".

The group also hit out at the lack of transparency in BP's performance targets for long-term incentive scheme payouts.

The ABI, whose members control about 13 per cent of the stock market, has meanwhile issued an "amber" top alert over BP's pay plans, drawing investor attention to potential worries over BP's discretionary use of share-based bonus awards.

But the head of BP's remuneration committee, DeAnne Julius, has argued that the group's bonus targets were based around safety, staff and performance indicators – nearly all of which were exceeded, she said.

Retailer JD Sports Fashion is expected to confirm a decent rise in annual profits on Wednesday after shrugging off recession pressures.