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Michael Sharp buys additional shares in Debenhams

Debenhams chief executive Michael Sharp has purchased an additional 50,000 shares in the retailer.

As a result of the transaction, announced yesterday (February 19), Sharp now holds just over 6.2m shares in the department store retailer.

Sharp, who has been in his current role since September 2011, bought the shares at 97.20p for a total of £48,598.

Following the announcement, shares in Debenhams increased by 1.4% to 97.55p on the FTSE 250.

Debenhams last month reported a strong end to 2012 including record levels of sales in December, but said heavy discounting had hit margins.

In the 18 weeks to January 5, total sales values increased by 3.5%, while like-for-like sales grew by 2.9%.

Over the five weeks to the same date, like-for-like sales increased by 5.0% compared to the year before and by 8.5% on 2010.

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