The new boss of House of Fraser on Wednesday revealed tumbling sales and profits, but signalled confidence in the revival of the department stores chain, which was “starved of investment” for years.
Alex Williamson, who joined in July from the Goodwood Estate, said the retailer “has much to be optimistic about”.
He said support from Chinese owners Sanpower, which bought the firm in 2014, including a £25 million overhaul of its online business, has helped prepare it for a transformation.
But sales came under strain as the new online system stabilised following its April launch.
HoF also made big discounts to clear stock as part of a shake-up of its womenswear labels.
Profits in the 26 weeks to July 29 fell to an £8.6 million loss, from a £900,000 profit in 2016. Sales fell 5.2%.
Trading has been boosted by demand for clothing from Issa, which counts the Duchess of Cambridge as a fan.
Elsewhere Inditex, the Spanish owner of fashion retailer Zara, has revealed sales jumped 11.5% for the six months to July 31, to €11.7 billion (£10.4 billion).
