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House of Fraser sales rise 2.9%

Sales at House of Fraser rose 2.9% for the 26 weeks to July 26.

House of Fraser said that sales at its Belfast and High Wycombe stores, which opened during the six month period, were 15% ahead of plan.

House of Fraser’s refurbished stores were 8% ahead of the rest of the chain, with its Lakeside store up a considerable 18.7%.

For the last 12 months, House of Fraser’s underlying EBITDA was up more than 30%.

The figures are for the second financial year under the current management since the chain was bought by Highland Acquisitions in November 2006.

House of Fraser said that it will have invested more than £150m in the business since then. It has also repaid or cancelled more than £110m of the original debt when the company was taken private.

House of Fraser chairman Don McCarthy said: “I think chief executive John King and his management team have done a great job in repositioning House of Fraser in what can only be described as difficult trading times. We are pleased with our performance over the six months.”

Mccarthy added: “We believe we are the beginning of an exciting 18 months ahead of House of Fraser with the opening of two new stores in Autumn and I would like to take this opportunity with John to thank all our employees and partners for their continued hard work and support.”

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