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House of Fraser sales drop

By FashionUnited

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British department store operator House of Fraser Plc today reported that its like-for-like sales had dropped 3.2 per cent. The decrease is the first in the 19-week period since the start of the financial year. The gross margin rate has also dropped.

In a statement the company said: "Trading conditions in the retail market have continued to be challenging in the early part of this year. Management continue to take further actions in driving margin and cost improvements." House of Fraser is not the first retailer to report disappointing results. Many have suffered as a result of the series of interest rate hikes from November 2003 until last August.

Bank of England Governor Mervyn King said in statement in regional newspaper Bradford Telegraph & Argus this week: "Clearly, there has been a slowdown in the High Street. But sometimes the headlines do tend to overreact to the significance of any one event."