House of Fraser Sets China Expansion

LONDON — British department store chain House of Fraser plans to plant its flag in China, as expected, one year after its acquisition by the country’s retail giant Nanjing Cenbest. House of Fraser said in a trading update Tuesday it will open stores “across China,” starting with three large units in Nanjing, Chongqing and Xuzhou. Last year, following the sale, the store talked openly about its plans to roll out flagships in China. The store will also start to trade online in China, and other international markets, beginning with Australia. House of Fraser said sales in the year to Jan. 31 were up 5.8 percent on a like-for-like basis, with online sales representing 15.4 percent of the total figure. The chain’s gross transactional value for the year was 1.3 billion pounds, or $2.13 billion. The privately owned store does not release revenue or net profit figures. Gross profit for the period hit a “record level” at 460.2 million pounds, or $754.7 million, while adjusted EBITDA, or earnings before interest, taxes, depreciation and amortization, was up 7 percent to 64.4 million pounds, or $105.6 million. Dollar figures have been calculated at average exchange rates for the periods to which they refer. Trading in the first 11 weeks to April

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