Department store Debenhams said it had bucked the downward trend on the high street yesterday, after revealing it had it more than doubled its profits.
Sales broke through the £2 billion barrier for the first time in the year to September 3 while pretax profits soared to £238.6 million compared with £107 million last year.
This figure included the sale of 23 sites for £160 million. Without this, trading profits were still up 49 per cent from £170.6 million to £254.2 million.
Like-for-like sales for the year were up 2.8 per cent as total sales reached £2.09 billion compared with £1.9 billion last year.
The group said it had increased its market share from 16.4 per cent to 18.6 per cent as other retailers struggled to deal with the slowdown on the high street.
Privately-owned Debenhams, which was acquired for £1.72 billion by CVC Capital Partners, Texas Pacific Group and Merrill Lynch Global Private Equity, said it had "no definitive plans" for a stock market re-launch as speculation suggested it was preparing for readmission early next year.
Mr Woodhouse said: "The business is performing very well, shareholders are very happy with it.
"We think that there's lots of potential within Debenhams going forward, so a refloat is not even on the agenda at the moment."
Fourteen stores opened in the year, including eight former Allders outlets and the first of the smaller format "Desire by Debenhams".
The group has an accelerated pipeline of 23 contracted department store openings in the UK and sees scope for 240 mainstream units and 130 Desire by Debenhams stores.
Overseas, it has an opening pipeline of 15 stores in seven countries.
The company said its Designers at Debenhams ranges - clothes and jewellery designed exclusively for the department store by names such as Pip Hackett, Nigel Cabourn and Theo Fennell - had fared particularly well.
"Our Designers at Debenhams ranges have been our star performers and have helped drive the business forward," Mr Woodhouse said.