Online Christmas sales boost for House of Fraser

Tuesday, 06 January 2015
REPORT_ Department store chain House of Fraser has reported strong Christmas sales with an 8 percent rise in like-for-like sales in the six weeks to January 3, compared with the same period last year.

The company,majorly owned by Chinese conglomerate Sanpower, who picked up an 89 percent stake in the company last April, said that its cash gross margins increased 9 percent. The strong performance by the company has been attributed to rise in online sales to the tune of 31.2 percent. Black Friday too was a success with online sales moving up 125 percent on the previous year.

The company plans to continue its investment in its online offering this year, as well as refurbishing more stores. Commenting on the performance, John King, Chief Executive of House of Fraser said, “We are delighted with our Christmas trading performance. With the record sales and margin performance in the period and a close focus on operational efficiencies, we expect to report a further growth in full year earnings."

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