UK: House of Fraser "encouraged" despite H1 profit fall
- H1 EBITDA slipped 6.2% to GBP12.2m
- Like-for-like sales rose 5.3%
- Same-store sales up 3.9% in last four weeks
Department store retailer House of Fraser has posted a drop in first half profits after the costs associated with the opening of a new distribution centre offset a rise in sales.
The company also said it remains cautious for the rest of the year, but expects to see growth despite challenging market conditions - noting that same-store sales have recovered in the last four weeks to rise 3.9%.
In the six months to 30 July, adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) slipped 6.2% to GBP12.2m (US$18.8m), down from GBP13.0m a year earlier.
Like-for-like sales growth had slowed to 1.9% in the last seven weeks, compared with a rise of 5.3% in the first half of the year.
"Our first half performance is testament to the fact that we are taking the right steps to fulfil our customers' needs," said chief executive John King.
He added: "We have experienced a slower start to the second half, however we are encouraged by the pickup in the subsequent weeks."
UK department store operator House of Fraser today (12 January) reported a jump in like-for-like sales over the Christmas period....
- TPP tariff phase-out guides Vietnam sourcing plans
- Why fast fashion isn't a case of one size fits all
- How Central America garment sourcing measures up
- How virtual garments could shape fashion retail
- Where next for Walmart's 3D apparel design pilot?
- Ethiopia opens flagship textile and apparel park
- VF confident on "solid" sustainability roadmap
- Inditex and Lenzing sign textile waste pact
- VF Corp cuts guidance as Q2 profit plunges 70%
- EU and US dispute China raw materials duties
- Central America strategic sourcing review - a focus on Guatemala, El Salvador and Honduras
- Southeast Asia strategic sourcing review – a focus on Cambodia, Vietnam and Myanmar
- World Textile and Apparel Trade and Production Trends: the EU - June 2016
- Luxury Goods Retailing in Europe, 2014-2019 ; Market & Category Expenditure and Forecasts, Trends, and Competitive Landscape
- Primark Stores Limited: Retailing - Company Profile & SWOT Analysis