Department store group, House of Fraser has announced full year results 2016/2017 showing Total Gross Transaction Value (GTV) of £1.3bn in line with last year, with like-for-like sales growth (excluding VAT) of 0.9%.
Gross profit stood at £483.1m, with gross margin of 36.9%. The company saw profit before tax and exceptional items at £3.4m (2015/16: profit of £1.3m), and profit after tax of £14.7m (2015/16: loss of £18.4m).
EBITDA came in at £63.6m, a decrease of £2.7m on the previous year due to a reduction in financial services income of £3.9m in the first half of Fiscal Year 2017.
CFO 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.'
House of Fraser continued investment in enhancing the Group’s store portfolio, including the completion of five store refurbishments during the year: London Victoria, Chichester, Shrewsbury, Darlington and Belfast.
Looking ahead, the firm is anchoring a new shopping centre development in Rushden Lakes in Northamptonshire, due to open in Autumn 2017 with 64,000 sq. ft. of retail space. It is also committed to anchor a store at the new Chester Northgate retail and leisure complex in Chester City Centre.
The group continues to invest in its portfolio of stores, completing a further five major refurbishments across the estate in Fiscal Year 2017, and in its IT infrastructure and logistics operations.