Department store group grows sales beyond £300m

Independent department store group Fenwick has reported another growth in sales as turnover surpassed £300m.

According to its latest filed accounts for the year ended 27 January 2023, total sales rose 31% to £315.3m from £240.2m in 2022, adding to its growth of 70.9% from £140.5m in 2021. Pre-tax losses resulted at £71.1m.

Within the group, Fenwick sales represented £162.6m, up 29% from £125.9m, while concession sales stood at £19.5m, up 42% from £13.7m.

Stated within its report, the company said: “Margin was heavily eroded compared to the prior year, due to the clearance of seasonal stock. Expenses increased by 24.1% to £118.6m, reflecting the increased number of trading weeks and the cost pressures felt in the market.

“Exceptional items of £21.5m have been recognised, principally in relation to the costs incurred in the disposal of properties within the group. This resulted in the loss for the period.

“Last year saw the beginning of the implementation of our masterplan for Newcastle and we will be continuing with the next exciting phase over the coming year. The company continues to invest in its stores, which will further establish Fenwick’s presence in all our locations.”

Save this article for later

You can revisit this article if you save it as favourite news!

Leave a Comment