Debenhams reported a significant reduction in its pre-tax losses for the year ending February 28, as the company continues to make progress in its turnaround strategy. The retail group posted a pre-tax loss of £108.3 million, a substantial improvement from the £326.4 million loss recorded in the previous year.

Chief Executive Officer Dan Finley described the company’s recovery plan as moving “at pace” and confirmed that it remains “on track.” The turnaround efforts have included the closure of a warehouse and a reduction in overall expenditure as part of cost-cutting measures aimed at improving profitability.

Debenhams, which also owns online fashion brands BOOHOO and PRETTY LITTLE THING, has been focused on streamlining its operations and adapting to changing market conditions amid challenges in the retail sector. The progress in reducing losses reflects management’s efforts to stabilize the company’s financial position following a period of significant difficulties.

The company did not provide specific guidance for the upcoming fiscal year but indicated that the turnaround initiatives are expected to continue supporting improved performance going forward.