 House of Fraser is just the latest retailer to warn of tough trading |
House of Fraser has described its half-year pre-tax loss of �3.1m as a "robust performance in an extremely difficult trading environment". Reporting its results for the six months to 30 July, the figure is a widening of its �1.2m loss for the same period last year.
The department store chain recently announced plans to close two flagship central London stores.
It is the latest retailer to warn of poor trading on the UK High Street.
Others who have also recently said conditions were tough include French Connection, MFI, B&Q and Matalan.
House of Fraser is to shut its Dickins & Jones outlet in Regent Street, and Barkers department store in Kensington, in January 2006.
Its half year group sales fell to �288.6m, compared to �290.2m for the same period in 2004.
Two takeovers
The company went on the acquisition trail during the six months, buying two smaller rivals.
It purchased Jenners in April for �14.1m and Beatties in August for �69.4m.
"We have made a great deal of progress in the period despite an extremely difficult trading environment," said House of Fraser chef executive John Coleman.
"We have continued to strengthen our proposition with the opening of the new stores and the acquisitions of Jenners and, more latterly Beatties.
"This, together with our focus on offering customers the best selection of branded merchandise and our commitment to tight financial management has ensured the Group is well positioned for the all important Christmas period and to deliver further growth."
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We have made a great deal of progress in the period despite an extremely difficult trading environment
