Warm weather stifled sales at House of Fraser

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The Independent Online

House of Fraser has blamed warm weather, the consumer downturn and costs associated with opening a new distribution centre for a sharp fall in its profits last year.

The weak performance at the department stores chain is likely to dampen speculation its Icelandic shareholders, the failed banks of Landsbanki and Glitnir, which hold a combined stake of 49 per cent, may seek an exit over the coming months.

House of Fraser said underlying profits fell 16 per cent to £58.6m over the year to 28 January.