Frasers lifestyle division grows sales; Sofa.com stores reduce

Retail group Frasers has reported a growth in sales within its Premium Lifestyle division as well as wider group performance.

According to its full year results for the 53 weeks ended 30 April 2023, the Group’s Premium Lifestyle division, which includes Flannels, House of Fraser, Sofa.com and more recently Amara.com, saw sales grow 14.8% to £1.2bn.

This was largely due to new Flannels stores, continued growth in online and acquisitions, offset by a reduction in House of Fraser stores. With regards to Sofa.com’s store presence, this reduced by three to 20 locations at the year end.

Premium Lifestyle gross margin decreased to 38.9% from 44.9%, largely due to House of Fraser store closures and brand consolidation, while adjusted pre-tax profit decreased to a loss of £0.1m compared to a profit of £10.5m in the prior period.

“This was largely due to the prior period including rates relief, current year intangible impairments of £19.8m and House of Fraser store closures,” Frasers said.

As for wider group performance, sales rose 15.8% to £5.5bn with pre-tax profit resulting at 660.7m, an increase of 96.9 year-on-year.

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