British department store chain House of Fraser has confirmed in its latest financial release that its Christmas trading period in 2013 was its best ever.
The company revealed in a statement today (January 2nd) that like-for-like sales excluding VAT for the three weeks to December 28th were 7.3 per cent higher on the data for 2012.
Sales conducted over the internet were a major driver of growth for the firm, as consumers continue to embrace purchasing online, with these sales up 57.7 per cent.
House of Fraser announced that it now expects to finish the year with lower net debt, which at the last financial release was shown to stand at £157.2 million for the year to January 6th 2013.
The boost to sales for House of Fraser comes on the same day that John Lewis announced a positive set of results for the festive shopping period, although it was not such a happy Christmas for Debenhams, which cut its growth forecast after its own figures were released.
House of Fraser, which is currently in private ownership, is rumoured to be considering a return to the stock market in the coming weeks.
Find up to date information on the FTSE 100 and spread betting strategies at City Index
GAIN Capital UK Limited (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.
No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.