Debenhams defied expectations of a fall in sales in the run-up to Christmas but the department store chain endured another rout on the stock market as analysts accused it of “subtly downgrading” profit expectations.

Shares in Debenhams fell 12¾p, or 16.7 per cent, to 63¾p, giving up Monday’s 12.9 per cent gain which came as talk intensified that the company would outperform expectations and after Landmark, the Dubai-based investor, in­creased its stake. “Landmark are just an investor as far as the board are concer­ned,” said Rob Templeman, chief executive, on Tuesday.