Debenhams is expected to report that interim pre-tax profits have dropped by 50%, after it was forced to close more than half of its stores during the adverse weather at the end of February.
City analysts predict Debenhams will post profits of around £44m for the six-month period when it reports its interim results on Thursday (19 April), down from £87.8m in the same 26 weeks in 2017, according to The Telegraph.
It is understood that around 70 shops were forced to close because of the snow, costing Debenhams around £5m.
The snowy conditions are also believed to have disrupted trading during its spring promotion period in March, which has contributed to the overall profit plunge alongside its weak festive trading performance.
Debenhams had issued a profit warning in early January after recording a disappointing Christmas trading period.
At the time, the retailer blamed the “volatile and highly competitive” trading environment for its sales decline.
It estimated its profit before tax for the full year will likely be between £55m and £65m, lower than the City consensus of £78m to £95m.