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House Of Fraser PLC (HOF)

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Tuesday 25 September, 2001

House Of Fraser PLC

Interim Results

House Of Fraser PLC
25 September 2001



         HOUSE OF FRASER PLC ('House of Fraser')

    INTERIM RESULTS FOR SIX MONTHS ENDED 28 JULY 2001

House  of  Fraser, Britain's leading retailer of designer
brands, today announced its results for the six months to
28 July 2001. These show:

-     the  seasonal  first half loss  reduced  from  £6.6
      million before tax and exceptional items to £1.5 million

-     like-for-like sales growth of 7.1 per cent

-     16.5 per cent growth in actual sales which rose £60
      million to £424.5 million (2000: £364.5 million)

-     gross profit before exceptional items increased  by
      18.1 per cent to £141.7 million (2000: £120 million)

-     gross  profit  margin increased by  0.5  percentage
      points

-     sales  in  last year's major refurbishments,  Oxford
      Street  and Guildford, up 120 per cent and 50 per  cent
      respectively

-     strong  double digit sales growth in the  Bluewater
      and Reading stores during their second year of trading

-     growth continuing in the current half year  with  a
      total sales increase of 15 per cent with growth in gross
      profit margin

-     a  strong pipeline programme of new store openings,
      with  a  major refurbishment next year of  the  group's
      largest store, Rackhams in Birmingham

The  Chief  Executive of House of Fraser,  John  Coleman,
said  today:  'This has been a strong performance by  the
Group and we have maintained a high level of growth  into
the  current  half  year.    These  results  reflect  the
benefits  of our strategy and our investment  across  the
business.

While  we  cannot  quantify any possible  future  adverse
impact   from  recent  world  events,  we  are  currently
confident both of a strong outcome for the full year  and
that   we  have  the  base  for  sustained  growth  going
forward.'

Further Inquiries:

House of Fraser PLC                               Square  Mile BSMG Worldwide
John  Coleman, Chief Executive                                  David Simpson
David  Adams, Deputy Chief Executive  &                     Tel:020 7601 1060
Finance Director                                                 Josh Royston
Tel:  020  7963 2427                                      Tel:  020 7601 1063


Financial Results

House  of  Fraser  is  pleased to  announce  its  interim
results for the 26 weeks ended 28 July 2001.

The  loss  before  tax  and exceptional  items  was  £1.5
million  compared to a loss of £6.6 million for the  same
period  last year.  Underpinning this improvement  was  a
7.1  per cent increase in like for like sales and  a  0.5
percentage point increase in gross profit margin.

The  Group grew turnover by £60 million to £424.5 million
(2000:  £364.5  million).  This 16.5  per  cent  increase
includes  the like for like sales growth of 7.1 per  cent
together with a strong performance from last year's major
refurbishments and the new Bristol store.

Gross profit, before exceptional items, advanced by  18.1
per  cent to £141.7 million (2000: £120.0 million).  This
included  a  0.5 percentage point increase in  the  gross
margin  percentage,  driven by  a  1.1  percentage  point
growth in the margin on own bought merchandise.

After tax of 34.0 per cent (2000: 33.3 per cent restated)
the  loss  per  share before exceptional items  was  0.4p
(2000: loss per share of 1.9p, restated).

During  the  half,  the  Group has taken  an  exceptional
charge  of  £2.8  million before tax (2000:  nil).   This
comprises two components.  Firstly, as disclosed  in  the
last  annual  report, the Group was defending  litigation
regarding  disputed  contractor works  at  its  Bluewater
store.  The  Court  has  now  ruled  in  favour  of   the
plaintiff.  As a result, the Group has agreed to pay £1.1
million   for   works  that  took  place  at   Bluewater,
accounting for them as an increase in fixed assets on the
balance sheet.  In addition, the Group has taken  a  £1.3
million  exceptional item to settle both parties'  costs.
This represents full and final settlement of the action.

The  second component of the exceptional charge is a £1.5
million  provision which the Group has made  following  a
European Court of Justice ruling on the treatment of  VAT
on the finance charges associated with consumer credit.

The interim dividend is maintained at 1.7p, payable on 14
December  2001  to  shareholders on the  register  on  12
October.

Merchandise

The  Group continues to grow market share, building  upon
its  unique  position  as Britain's leading  retailer  of
designer brands.

Like  for like sales of Fashion advanced by 8.0 per cent.
Brands  introduced  include Boss, Mulberry,  Pringle,  DK
Signature,  Amanda  Wakeley and Joyce Ridings,  with  the
continual  rollout  of successful introductions.  Further
rollouts  in the half included Nougat, Armani  Jeans  and
Ronit  Zilkha.  In cosmetics and accessories, there  were
rollouts  of nail bars, Osprey and Mulberry handbags  and
Benefit  cosmetics.   Brand introductions  in  this  area
included Prada sunglasses and Le Sportsac handbags.
In   Home,  the  big  ticket  and  home  interiors  offer
continued    to   be   repositioned   towards    premium,
aspirational  merchandise,  focusing  on  three  customer
groups: modern, modern classic and classic.  Particularly
successful have been brands such as Siemens, Smeg, Loewe,
Collins and Hayes, Pergo Flooring, Krups and Gaggia.

Private  label continues to go from strength to strength,
with  Linea,  Fraser  and Platinum  all  out  performing.
Therapy and Linea Home, launched last year have been very
successful  and  during the period  Linea  Direction  was
introduced in menswear, targeted at the 'designer  label'
customer.

Customer Relationship Management

The  Group's  customer relationship management  trial  is
continuing.

The  customer incentive element, Recognition, is  now  in
place  in  12  stores and to date over 800,000  customers
have registered.

To  date  the scheme has been profit neutral in  its  own
right. In addition, the information it has generated  has
been  used  to refocus customer profiling, to plan  store
space and for marketing campaign management.

Stores

Bluewater and Reading, now in their second year, achieved
strong  double digit sales growth. Sales at Oxford Street
were 120 per cent up on last year and at Guildford, sales
were up 50 per cent on pre-refurbishment levels.  The new
Bristol   store   opened  in  March  and   it   is   also
outperforming the Group's investment criteria.  Work will
commence next year on an exciting major refurbishment  of
the  Group's  flagship  store, Rackhams,  in  Birmingham.
This  store trades from some 300,000 square feet and  the
work will be phased over two years. It is anticipated  to
cost £30 million.

It  is  the Group's stated strategy to enhance medium  to
long  term profit growth by opening additional department
stores.  The Group was therefore pleased to announce this
August the opening of a new 136,000 square foot store  in
Dublin.   This is due to open for Autumn 2003, and  joins
the pipeline of new stores that includes:

City of London 2003
Dublin         2003
Croydon        2004
Maidstone      2004
Norwich        2005
High Wycombe   2005

Including  Bristol,  these  stores  represent  additional
trading space of 670,000 square feet, an increase  of  15
per cent.

Outlook

Following the promising first half, the second half has
started strongly with sales growth for the eight weeks to
22 September 2001 of 15 per cent. Like for like sales
grew by 4.7 per cent, with further growth in gross profit
margin.


Consolidated Profit and  Loss Account
for the weeks ended 27 July 2001
Unaudited                                                         
                                                                  
                             Before exceptional    Exceptional          Total
                                          items          items 26 weeks ended
                                         28-Jul         28-Jul         28-Jul
                                           2001           2001           2001
                      Notes                  £m             £m             £m
------------------------------------------------------------------------------
          
                                                                   
Turnover including share                  
of joint venture                          428.2             -           428.2
Less: Share of joint                 
venture                                    (3.7)            -            (3.7)
------------------------------------------------------------------------------
                                                                 
Group turnover                            424.5             -           424.5

------------------------------------------------------------------------------
                                                                 
Gross profit                              141.7          (1.3)          140.4
Operating expenses                       (140.0)         (1.3)         (141.3)
------------------------------------------------------------------------------
                                                                 
Operating profit/(loss)                     1.7          (2.6)           (0.9)
                                                                  
Share of joint venture                
operating profit                            3.5             -             3.5
------------------------------------------------------------------------------
                                                                 
Operating profit/(loss)               
including joint venture                     5.2          (2.6)            2.6
                                                                  
Profit on sale of                       
properties                                    -             -               - 

------------------------------------------------------------------------------
                                                                
Profit/(Loss) on ordinary                  
activities before interest                  5.2          (2.6)            2.6
        
Interest payable and                 
similar charges                            (6.7)         (0.2)           (6.9)
------------------------------------------------------------------------------
                                                                 
(Loss)/Profit on ordinary            
activities before taxation                 (1.5)         (2.8)           (4.3)
        
Taxation                   1 & 2            0.5           0.4             0.9

------------------------------------------------------------------------------
                          
                                                                  
(Loss)/Profit on ordinary            
activities after taxation                  (1.0)         (2.4)           (3.4)

Dividends                      3           (3.9)            -            (3.9)
------------------------------------------------------------------------------
                                                                 
Retained (loss) for the              
period                                     (4.9)         (2.4)           (7.3)
______________________________________________________________________________
                                                                 
                                          pence         pence           pence
Earnings/(loss) per share                                         
Basic earnings/(loss) per      
share                          4           (0.4)         (1.1)           (1.5)
Fully diluted              
earnings/(loss) per share      4           (0.4)         (1.1)           (1.5)
------------------------------------------------------------------------------
                                                                 
Dividends per share            3                                          1.7
______________________________________________________________________________
                                                                 
All results relate to continuing operations



Consolidated Profit and Loss Account
for the weeks ended 27 July 2001 (Cont)
Unaudited                                                         
                                                                  
                                              Total                    Total
                                     26 weeks ended           52 weeks ended
                                             29-Jul                   27-Jan
                                               2000                     2001
                                           restated                 restated
                            Notes                £m                       £m
------------------------------------------------------------------------------
                                                                 
Turnover including share                 
of joint venture                              367.6                   853.7
Less: Share of joint                     
venture                                        (3.1)                   (6.4)
------------------------------------------------------------------------------
                                                                 
Group turnover                                364.5                   847.3

------------------------------------------------------------------------------
                                                                 
Gross profit                                  120.0                   287.2
Operating expenses                           (125.5)                 (266.2)
------------------------------------------------------------------------------
                                                                 
Operating profit/(loss)                        (5.5)                   21.0
                                                                  
Share of joint venture                     
operating profit                                3.0                     6.2
------------------------------------------------------------------------------
                                                                 
Operating profit/(loss)                        
including joint venture                        (2.5)                   27.2
                                                                  
Profit on sale of                            
properties                                        -                     0.1
------------------------------------------------------------------------------
                                                                 
Profit/(Loss) on ordinary                
activities before interest                     (2.5)                   27.3
        
Interest payable and                     
similar charges                                (4.1)                   (9.4)
------------------------------------------------------------------------------
                                                                 
(Loss)/Profit on ordinary                
activities before taxation                     (6.6)                   17.9
        
Taxation                    1 & 2               2.2                    (7.3)
------------------------------------------------------------------------------
                    
                                                                  
(Loss)/Profit on ordinary                
activities after taxation                      (4.4)                   10.6

Dividends                       3              (3.9)                  (12.7)
------------------------------------------------------------------------------
                                                                 
Retained (loss) for the                  
period                                         (8.3)                   (2.1)
______________________________________________________________________________
                                                                 
                                              pence                   pence
Earnings/(loss) per share                                         
Basic earnings/(loss) per  
share                           4              (1.9)                    4.6
Fully diluted              
earnings/(loss) per share       4              (1.9)                    4.6

------------------------------------------------------------------------------
                                                                  
Dividends per share             3               1.7                     5.5
______________________________________________________________________________
                                                                 
All results relate to continuing operations



Group balance sheet                                                
Unaudited                                                          
                                               As at       As at        As at
                                           28-Jul-01   29-Jul-00    27-Jan-01
                                                        restated     restated
                                     Notes        £m          £m           £m
                                                                   
Fixed assets                                                       
  Tangible fixed assets                        309.2       277.1        308.3
  Investment in joint venture 
      - share of gross assets                  101.5        90.5        104.4
      - share of gross liabilities             (98.0)      (87.9)      (101.3)
                                               
------------------------------------------------------------------------------
                                                                  
Investment in joint venture                      3.5         2.6          3.1
Loan to joint venture                           26.4        23.1         26.4
------------------------------------------------------------------------------
                                                29.9        25.7         29.5
------------------------------------------------------------------------------
                                               339.1       302.8        337.8
------------------------------------------------------------------------------
                                                                 
                                                                   
Current assets                                                     
  Stocks                                       112.6       106.2        104.8
  Debtors                                       36.6        32.2         37.4
  Cash at bank and in hand                       0.6         0.5          0.7
------------------------------------------------------------------------------
                                               149.8       138.9        142.9
------------------------------------------------------------------------------
                                                                       
Creditors due within one year                 (131.4)     (134.2)      (162.9)
                                                       
------------------------------------------------------------------------------
                                                                       
Net current assets                              18.4         4.7        (20.0)
                                                                   
------------------------------------------------------------------------------
                                                                  
Total assets less current liabilities          357.5       307.5        317.8
                                                                   
Creditors due after one year                  (113.4)      (62.8)       (66.2)
                                                                   
Provisions for liabilities and charges   1     (29.4)      (29.1)       (29.6)
                                                                   
------------------------------------------------------------------------------
                                                                  
TOTAL NET ASSETS                               214.7       215.6        222.0
                                                                   
______________________________________________________________________________
                                                                  
                                                                   
Capital and reserves                                               
  Share capital                                 46.3        46.3        46.3
  Reserves                                5    168.4       169.3       175.7
                                                                   
------------------------------------------------------------------------------
                                                                  
EQUITY SHAREHOLDERS' FUNDS                     214.7       215.6       222.0
                                                                   
______________________________________________________________________________



Group Cashflow                                                   
Unaudited                                                        
                                           26 weeks      26 weeks    52 weeks
                                          to 28-Jul     to 29-Jul   to 27-Jan
                                               2001          2000        2001
                                  Notes          £m            £m          £m
------------------------------------------------------------------------------
                                                                
Net cash (outflow)/ inflow from       
operating activities                  6         (7.3)        (27.2)      15.4
                                                                 
Returns on investments &                                         
servicing of finance
Interest received                                0.8           0.8        1.5
Interest paid                                   (3.8)         (2.4)      (5.9)
------------------------------------------------------------------------------
                                                                
Net cash outflow from returns on                                 
investments and servicing of finance            (3.0)         (1.6)      (4.4)
------------------------------------------------------------------------------
                                                                       
Tax paid                                        (1.3)         (0.5)      (2.4)
                                                                 
------------------------------------------------------------------------------
                                                                
Capital expenditure                                              
Purchase of tangible fixed assets              (19.8)        (22.0)     (60.1)
Sale of tangible fixed assets                    1.5           0.4        0.6
------------------------------------------------------------------------------
                                                                
Net cash outflow from capital            
expenditure                                    (18.3)        (21.6)     (59.5)
------------------------------------------------------------------------------
                                                                
Acquisitions                                                     
BL Fraser joint venture                            -             -       (3.3)
------------------------------------------------------------------------------
                                                                
                                                                 
Equity dividends paid                           (8.8)         (8.8)     (12.7)
                                                                 
Net cash outflow before financing              (38.7)        (59.7)     (66.9)
------------------------------------------------------------------------------
                                                                
Financing                                                        
Increase in loan                                48.0          56.0       61.0
------------------------------------------------------------------------------
                                                                
Net cash  inflow from financing                 48.0          56.0       61.0
------------------------------------------------------------------------------
                                                                
Increase /(decrease) in cash in             
the period                                       9.3          (3.7)      (5.9)
______________________________________________________________________________


Statement of total recognised gains/ (losses)
Unaudited     

                                          26 weeks      26 weeks     52 weeks
                                         to 28-Jul     to 29-Jul    to 27-Jan
                                              2001          2000         2001
                                                        restated     restated
                                                £m            £m           £m
                                                             
------------------------------------------------------------------------------
                                                            
(Loss)/ profit on ordinary activities         (3.4)         (4.4)        10.6

Unrealised surplus on revaluation            
of properties                                    -             -          0.2

------------------------------------------------------------------------------
                                                            
Total (losses)/ gains related to         
the period                                    (3.4)         (4.4)        10.8
______________________________________________________________________________
                                                            
Prior year adjustment                        (22.3)        (22.7)       (22.7)
                                                             
------------------------------------------------------------------------------
                                                            
Total losses recognised since the      
last annual report                           (25.7)        (27.1)       (11.9)
______________________________________________________________________________
                                                            
                                                             
                                                             
                                                             
Note of historical cost profits/(losses)
Unaudited  

                                            26 weeks     26 weeks    52 weeks
                                           to 28-Jul    to 29-Jul   to 27-Jan
                                                2001         2000        2001
                                                         restated    restated
                                                  £m           £m          £m
------------------------------------------------------------------------------
                                                            
                                                             
(Loss)/ profit on ordinary               
activities before taxation                      (4.3)        (6.6)       17.9
Realisation of property          
revaluation gain of previous period              0.1            -         0.2
Difference between historical          
cost depreciation charge and
actual depreciation
charge for the period calculated                             
on the revalued amount                           0.1            -         0.2
------------------------------------------------------------------------------
                                                            
Historical cost (loss)/ profit on        
ordinary activities before taxation             (4.1)        (6.6)       18.3
------------------------------------------------------------------------------
                                    
                                                 
Historical cost loss for the                                 
financial period retained after
taxation and dividends                          (7.1)        (8.3)      (1.7)
______________________________________________________________________________
                                                            
                                                             
                                                             
                                                                 
Reconciliation of movements in equity shareholders' funds       
Unaudited        

                                  26 weeks to      26 weeks to    52 weeks to
                                       28-Jul           29-Jul         27-Jan
                                         2001             2000           2001
                                                      restated       restated
                                           £m               £m             £m
------------------------------------------------------------------------------
                                                            
Total recognised (losses) and            
gains                                    (3.4)            (4.4)          10.8
Dividends paid and proposed              (3.9)            (3.9)         (12.7)
                                                             
------------------------------------------------------------------------------
                                                            
                                                             
Opening equity shareholder's           
funds                                   222.0            244.8          244.8
Prior period adjustment                     -            (20.9)         (20.9)
------------------------------------------------------------------------------
                                                            
Opening equity shareholders'             
funds                                    222.0            223.9         223.9
------------------------------------------------------------------------------
                                                            
Closing equity shareholders'            
funds                                    214.7            215.6         222.0
______________________________________________________________________________



Notes to the Financial Information

1.   Financial Statements

The  Financial information in these statements  does  not
constitute  the  audited  financial  statements  for  the
period ended 28 July 2001.

The interim financial statements have been prepared under
the  historical  cost convention and  adopting  the  same
accounting policies as set out in the 2001 annual  report
with  the  exception  of  the  policy  on  deferred  tax.
Financial  Reporting Standard ('FRS') 19, 'Deferred  Tax'
has  been adopted with effect from 28 January 2001.   FRS
19  requires  that  full provision is made  for  deferred
taxation   on  all  timing  differences,  replacing   the
previous  partial provisioning policy.   The  comparative
figures  have  been  restated, in  accordance  with  this
change in policy.  The effect on the balance sheets at 27
January 2001 and 29 July 2000 is to increase the deferred
tax  provision and reduce reserves by £20.4  million  and
£22.3 million respectively.

The figures for the 52 weeks ended 27 January 2001 do not
constitute statutory accounts in accordance with  Section
240  of  the Companies Act 1985.  Statutory accounts  for
this  period, which contain an unqualified audit  report,
have been filed with the Registrar of the Companies.

2.   Taxation

The  taxation credit of £0.5 million (2000: £2.2  million
restated),   before  exceptionals,  is  the   appropriate
allocation of the estimated tax charge for the year.  The
estimated   effective   tax  rate   for   the   year   is
approximately 34% (2001: 33.6%).

3.   Dividends

The interim dividend of 1.7 pence per share, amounting to
£3.9  million,  will  be  paid on  14  December  2001  to
shareholders on the register at the close of business  on
12 October 2001.

4.   Earnings per share

Loss  per  share of 1.5p (2000: 1.9p restated)  has  been
calculated  by  reference to the loss for  the  financial
period  of  £3.4  million (2000: £4.4  million  restated)
divided  by 231.7 million (2000: 231.7 million)  ordinary
shares of 20p each, being the weighted average number  of
ordinary  shares  in  issue throughout  the  year.   Pre-
exceptional  loss per share for the period was  0.4p  and
has  been  calculated by reference to the pre-exceptional
loss for the financial period of £1.0 million.

No  share  options outstanding at the half year  end  are
potentially  dilutive and therefore the  weighted  average
number  of shares used to calculate diluted earnings  per
share  is  the same as that used to calculate  the  basic
earnings  per  share. This results in a diluted  earnings
per  share  which is identical to the basic earnings  per
share.


5                                                         
Reserves - Group
Unaudited                       

                                     Share     Revaluation   Profit     Total
                                   premium         reserve   & loss           
                                        £m              £m       £m        £m
------------------------------------------------------------------------------
                                                            
As at 27 January 2001                 27.4            77.8     92.8     198.0
Prior year adjustment                    -               -    (22.3)    (22.3)
------------------------------------------------------------------------------
                                                             
As at 27 Jaunary 2001 - restated      27.4            77.8     70.5     175.7
------------------------------------------------------------------------------
Loss for the period                      -               -     (3.4)     (3.4)
Dividends                                -               -     (3.9)     (3.9)
Revaluation reserve realised             -            (0.1)     0.1         -
------------------------------------------------------------------------------
                                                             
As at 28 July 2001                    27.4            77.7     63.3     168.4
______________________________________________________________________________
                                                   

6 Reconciliation of operating profit to net cash flow from operating          
  activities
Unaudited
                                                             
                                                             
                                    26 weeks        26 weeks         52 weeks
                                   to 28-Jul       to 29-Jul       to  27-Jan 
                                        2001            2000             2001
                                          £m              £m               £m
------------------------------------------------------------------------------
                                                            
Operating (loss)/profit                 (0.9)           (5.5)            21.0
Depreciation                            13.1            12.4             25.6
Profit on sale of tangible assets          -               -              0.9
Increase in stock                       (7.8)           (9.8)            (8.4)
(Increase)/Decrease in debtors           0.8             4.2             (2.6)
Decrease in creditors                  (12.5)          (28.5)           (21.1)
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Net cash (outflow)/inflow from 
operating activites                     (7.3)          (27.2)            15.4
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