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House of Fraser reports first pre-tax profit in 10 years

House of Fraser has reported sales increased by 4.2% to £1.3bn for the year ended January 30 and the department store chain made its first profit before tax since 2006 .

House of Fraser

House of Fraser

House of Fraser

Profit before tax before exceptional items was £1.3m, while adjusted EBITDA was up 3% to £66.3m compared to the previous year.

Bricks-and-mortar store sales were up by 0.1% on a like-for-like basis and online sales, which account for 18.9% of total sales, rose by 26.8% compared with the previous year.

Its house brands recorded sales growth of 4% while third-party brands rose by 6.7% during the year.

The company refurbished six stores in Huddersfield, Lincoln, Metro Centre, City, Bluewater and Leeds over the 12 months and has agreed to open a new 64,000 sq ft store at Rushden Lakes in Northamptonshire in spring 2017.

House of Fraser will open its first store in China at the end of this year.

“House of Fraser is pleased to report positive sales and margin growth over the full year, delivering the first profit before tax in 10 years,” said chief executive Nigel Oddy. “This was driven by continued progress across both our online and bricks and mortar stores, despite the volatile trading environment in the final quarter of fiscal year 2016.”

Readers' comments (1)

  • HOF haven't made a profit in TEN years and now its pats on the back all round?

    They have been a standing joke in the trade as they claim they are a 'Premium Retailer' yet make losses year after year after year.

    While this is good news for them, any business that receives the discounts they get from brands should make a profit with their eyes closed, so why has in taken all this time for them to have a reason for being?

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