Online sales deliver HoF top Christmas trading period

British department store chain House of Fraser has reported

its top Christmas trading period to date, due to strong online sales.

HoF revealed like-for-like sales, excluding VAT for the three weeks to December 28 increased 7.3 percent, with online sales up 57.7 percent and store sales increasing 3 percent. Sales were also boosted by a strong performance from the fashion sector of HoF, which increased 9.8 percent.

Like-for-like sales excluding VAT for the first nine weeks of its fourth quarter increased 4.3 percent, with HoF predicting to end the year with a smaller net debt from 157.2 millions pounds for the year to January 26, 2013.

The company is currently believed to be in discussion with French department store company Galeries Lafayette who is rumored to be interested in acquiring HoF, which has been under private ownership for the past ten years, but is thought it be preparing for a return to the stock market.

HoF currently runs 61 stores located throughout Britain and Ireland, with predicted annual sales of 1.2 billion pounds.