CHINESE DEFEND HOUSE OF FRASER
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SHARES in high street fell chain Card Factory they 20 per cent after The issued a profit warning. cards and company, who sell would be small gifts, said they weak pound clobbered by the which will and wage inflation, an extra see them shoulder in £7million to £8million costs. M&S boss Steve Rowe warned that PM Theresa May’s idea for plastic-free aisles could backfire. May wants stores to have more produce sold loose, or wrapped in recyclable material such as paper or card. But Rowe said: “We want to make sure we don’t have a different problem with food waste.” Retailers say plastic packaging is sometimes used to prevent produce being damaged. Rowe says M&S are on track THE Chinese owners of struggling department store chain House of Fraser backed its bosses yesterday despite a fall in sales.
Sanpower bought the business for £480million in 2014. However, the store giants have suffered tough trading and have now been forced to ask landlords for rent reductions.
House of Fraser yesterday revealed shop sales fell 2.9 per cent in the six weeks to December 23, with online takings tumbling 7.5 per cent.
Alex Williamson, the chain’s new boss, insisted they were in “good shape”, with the decision to reduce discounting meaning profit margins rose 0.5 per cent over the festive period. Asked about House of Fraser’s future, he said: “We are a 170-year-old business and we plan to be Oil Royal Mail RSA RBS J Sainsbury SSE Severn Trent Serco Sports Direct Shell Sky Smith & Nephew 457.2 630.0 296.8 248.6 1318.0 2036.0 98.6 371.7 2607.0 1009.5 1257.0 around for another 170 years.” It came as Yuan Yafei, chairman of Sanpower, said the group were “committed” to House of Fraser.
The chain raised £30million by flogging unwanted own label brands to a Chinese buyer. -1.8 +4.8 +3.4 -5.3 +13.0 -12.0 -0.5 +0.4 +12.5 +1.0 +1.0 ONLINE fashion firm Boohoo upped the sales forecast again a strong end to 20 Boohoo, who target 1 24-year-olds, expect takings to rise 90 per c the year to Februa Revenues doubled in four months to the of December.