House of Fraser more than doubles profits to £3.4m

30009-House of Fraser Manchester

House of Fraser has today reported a huge uplift in pre-tax profits after refurbishing its major stores and focusing the business on its core customers.   

The department store chain said profit before tax rose to £3.4 million in the year to 28 January, up from £1.3 million last year.

Overall, revenues were flat at £1.3 billion, but like-for-like sales edged up 0.9% over the year.

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The results follow extensive research carried out by House of Fraser to strengthen and deepen its understanding of its core customer base and develop a stronger brand identity.

In line with findings, the company said it has launched a number of “strategic marketing initiatives” aimed to considerably improve the customer experience, both in store and online, drive better engagement and increase retention.

House of Fraser also completed refurbishments at five major stores over the financial year and launched a new web platform to enhance the customer experience.

Chief financial officer Colin Elliot said:“We are pleased to report another strong set of results despite continued challenging trading conditions across the retail sector. To deliver such a strong set of results for the year is a testimony to the resilience of our business model, and credit to the expertise and dedication of the new senior management team and our thousands of colleagues across the Group who strive to exceed our customers’ expectations every day.

“I, on behalf of the executive team at House of Fraser, would like to take this opportunity to thank our staff, brand and concession partners for their hard work over the period. This is an exciting time for House of Fraser and I am confident that the actions taken by the new leadership team places us in a strong position for the future.”

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