House of Fraser like-for-like sales up 2 percent in Q1

Friday, 27 June 2014

REPORT_ Department store House of Fraser reported 2 percent rise in its like-fo-like sales in the first quarter. The company plans to refurbish 20 of its stores, at shopping centres and high street locations. Adjusted EBITDA loss at House of Fraser stood at 3.4 million pounds (5.7 million dollars) in the quarter to April 26. However, gross profit advanced 3.7 percent to 87.9 million pounds (149.6 million dollars) during the quarter under review.

The company also announced that the opening weeks of its second quarter has already shown further improvement, moving up 5.5 percent year on year, with like-for-likes for the first 21 weeks of the year increasing 3.7 percent. House brand sales climbed 7.7 percent and its new brands Biba Home and men’s wear tailoring brand Corsivo also performed well during the quarter. Own-brand Linea sales surged 48 percent and Dickins & Jones revenues went up 45 percent.

Branded and concession sales were up 1 percent in the quarter. It introduced Morgan and Dorothy Perkins under its women’s wear offerings during the period and Rugby World Cup products under men’s wear segment. It plans to introduce new brands during the current fiscal year. Men’s wear sales increased 8.3 percent, followed by fashion accessories at 5.1 percent.

Online sales soared 20.2 percent with additions of Arcadia brands Miss Selfridge and Dorothy Perkins on its platform during the quarter. House of Fraser was acquired by Nanjing Cenbest - a department store group owned by Chinese conglomerate Sanpower earlier this year.

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