House of Fraser in sales leap
House of Fraser showed improved sales for the summer in the first results it has published since its takeover by a Chinese firm.
The department store chain – the £480m buyout of which by Sanpower was completed this month – said like-for-like sales were up 4.2% in the six months to July 26. They also strengthened in the second quarter.
The improved performance was driven in part by the firm's web business, with online sales rising 12% and accounting for 14.2% of revenues. Sales growth in its 59 UK and Ireland stores was 1.2%.
Chief executive John King said the takeover had given the company a strong platform to develop internationally. He also pledged £150m of investment in the UK over the next four years to boost store and web sales.