Independent department store chain Fenwick has reported a growth in sales as well as significantly reducing its losses.
According to its latest filed accounts for the year ended 28 January 2022, total sales rose 70.9% to £240.2m from £140.5m in 2021.
Gross profit increased from £34.8m to £73.5m, while pre-tax losses resulted at £5.2m, narrowing from a loss of £111.9m recorded the previous year.
Stated within its report, the company said it benefitted from the sale of its Farnborough warehouse for a profit of £11.6m, which contributed to the business making a 95% lower pre-tax loss than in the previous year as stated above.
Fenwick added that the boost in sales was helped by its online platform, which continues to grow and now includes all product categories.