House of Fraser profits dived nearly 50% in the first half of the year as the department store said it faced a “very challenging retail environment” in the light of unseasonable weather and Brexit uncertainty. Profits were hit by the increased cost of delivering goods ordered online and a decline in sales of House of Fraser’s own brands. Total sales remained steady at £573.5m as the group’s established department stores experienced a 2.5% slump. Underlying sales, including a 17.8% rise in online sales, lifted 0.9%. Nigel Oddy, chief executive of the group, which was bought by Chinese conglomerate Sanpower in April 2014, said House of Fraser had experienced an “extremely volatile trading environment”.

Source: The Guardian September 27, 2016 13:02 UTC