House of Fraser sees sales recover in weeks after riots
Like-for-like sales in the subsequent four weeks grew by 3.9% meaning that overall, like-for-like sales were up 1.9% in the first seven weeks.
Gross profits rose £4.4 million to £94.9 million in the half year period but underlying profits fell 6% to £12.2 million as they included the costs involved in setting up a new distribution centre in Wellingborough.
The department store chain, which has 61 stores in the UK and Ireland,
extended its range of in-house brands to 16 during the period, including the introduction of menswear ranges Label Lab and Howick Tailored and home brands Shabby Chic and Kenneth Cole. In addition, the retailer invested heavily in store refurbishments and in its online business where sales doubled in the first half of the year.
Chief executive John King said: “There is no doubt that market conditions will remain challenging, and we will remain cautious for the remainder of the year, however we believe that our investments in our multi-channel operations and store refurbishments combined with our exclusive house brand offering will continue to deliver growth.”
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