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.

Leave a Commment

CLOSE AD

Sign up to our daily news alerts

[ms-form id=1]