House of Fraser to open three new stores

House of Fraser, the department store group, is to create 1,000 new jobs through the opening of three new stores and the purchase of a site in Bristol. The new stores will be opened in the City of London, High Wycombe and Norwich over the next four years. The Bristol branch has been acquired from Bentalls for £15.6m.

House of Fraser, the department store group, is to create 1,000 new jobs through the opening of three new stores and the purchase of a site in Bristol. The new stores will be opened in the City of London, High Wycombe and Norwich over the next four years. The Bristol branch has been acquired from Bentalls for £15.6m.

The comments came as House of Fraser reported increased losses of £6.6m in the six months to July with the store refurbishments causing £3.5m of lost profit. The company also disclosed a £2.5m sales hit in the week of the petrol crisis.

John Coleman, chief executive, expressed confidence in the outlook with underlying sales in current trading up by 9.5 per cent. He denied his stores were taking sales from Marks & Spencer, saying "we are much more upmarket".

On M&S's plight he added: "I hope to God they turn it round because it is not good for British retailing for M&S to be in the state it's in."