House of Fraser sales jump as online continues to build momentum
By Luke Tugby2015-06-19T09:53:00+01:00
House of Fraser's like-for-like sales rose 8.1% in its first quarter, as its ecommerce platform gained further momentum.
Online sales soared 40% during the 13 weeks to May 2, building on the 32% growth the retailer reported in its full-year results in April.
In-store like-for-likes also improved during its first quarter, rising 3.1% compared with the same period last year.
Sales from concessions, including French Connection, Mango and Whistles increased 9%, and branded sales were up 8%.
The figures came after House of Fraser reported record annual sales of £1.3bn in the year ending January 31, a jump of 5.8%. Adjusted EBITDA was also up 7% on the previous year to £64.4m.
House of Fraser was acquired by Chinese conglomerate Sanpower Group for £480m last year. The department store has since revealed plans to expand into China, with branches planned for Nanjing, Chongqing and Xuzhou.
It will also invest £150m in its UK operations during the next four years, revamping shops and developing its ecommerce platform.
Sanpower is reportedly poised to buy Hamleys toy shop from its French owner Groupe Ludendo.
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