Sales at House of Fraser rose 2.7% for the 39 weeks to October 25, boosted by new stores in Belfast and High Wycombe.
For year to January 26 House of Fraser sales were £1.03 billion, the business’ first full year of trading since its acquisition by Highland Group in November 2006.
Year on year, sales were down 1.1%. However margin was up by 10 basis points. EBITDA for the period was £68.1m, up 30% on the equivalent underlying performance in 2007.
Around £100m worth of debt has been cancelled or repaid. Net assets were £214m, and net debt was £257.6m.
House of Fraser said that sales performance in the 39 weeks to October 25 had also benefited from the opening of the relocated store in Bristol’s Cabot Circus in September.
Chairman Don McCarthy said: “We are extremely pleased with the success of our strategy after the first year of managing House of Fraser and how this has continued into the current year. In particular, we are excited by the look and performance of our new stores. There is no better way of demonstrating the future of House of Fraser. I would like to thank all of our employees and partners for their hard work and support.”
McCarthy added: “There is little doubt that the retail industry is facing extremely challenging times. However, we believe with the business, the brands, the team and the support that we have in place, we will be able to ride out the cycle and strengthen our position as the number on premium department store group in the UK and Republic of Ireland.”
House of Fraser is opening a shop in Westfield London in White City today. Go to our dedicated Westfield page for videos and pictures and live reports from the centre as it opens.