Department store ‘in transition’ suffers slump

Department store chain House of Fraser revealed festive trading woes yesterday as it reported a 2.9% store sales slump in the run up to Christmas.

The embattled group – which is in the process of asking landlords to cut some of its rents – said the sales fall over the crucial six weeks to December 23 came as it held off from heavy discounting outside of Black Friday.

Online sales tumbled 7.5% as it continued to come under pressure after the recent launch of a new web platform.

However, chairman Frank Slevin insisted it was a “credible performance” in a difficult retail market which also saw close rival Debenhams warn over profits last week.

CEO Alex Williamson said: “We are a business in transition; our focus is on driving profitability rather than chasing revenue at any cost.

“We are not a business determined to sell everything to everyone at any price.”

House of Fraser.