Home London NewsCity of London Revealed: House of Fraser’s massive loss in 2017

Revealed: House of Fraser’s massive loss in 2017

by LLB Reporter
10th May 18 3:40 pm

Crisis deepens

House of Fraser has revealed a massive £43.9m loss in 2017, just ahead of a deal to sell a 51 per cent stake to the Chinese owner of Hamleys for £140m.

The retailer’s sales fell from £840.9m to £787.8m, according to documents filed at the Hong Kong stock exchange by C.Banner. The pre-tax loss for the twelve months to 31 December 2017 compares to a profit of £1.5m the year before.

“The Brexit referendum and the UK’s resultant decision to leave the European Union and the terrorist attack in London, combined with a rapidly evolving retail market, produced a period of uncertainty and volatility that resulted in a difficult trading environment for the whole retail industry in the UK,” C.Banner said.

The retailer, which has 59 department stores, is hoping to become “more stable” following its restructuring plan.

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