Frasers Group, the parent company of House of Fraser, has issued a warning about the possibility of more store closures in the near future. The group stated that the retailer's portfolio is under constant review, and some outlets are deemed too large, necessitating solutions for the excess space. 

This revelation follows a series of store closures in the past year, with eight department stores already shut down. The number of House of Fraser shops has drastically declined from 59 to 31 since its acquisition in August 2018, which company owner Mike Ashley admitted was a mistake. 

Despite the challenges faced by the global department store industry, Frasers Group has managed to see a significant boost in profits. For the year ending April 30, the company's adjusted pre-tax profit nearly doubled, reaching £478.1m, exceeding the previous year's £339.8m and hitting the higher end of their forecast range (£450-500m). 

While grappling with potential closures, Frasers Group also plans to open new stores, including the redevelopment of an outlet in Norwich and a site in Blackpool.