Fenwick has returned to profit, boosted by the sale of its New Bond Street store for £430 million.
Retail Week has reported that the sale of the retailer’s 130 year-old flagship store enabled the business to report pre-tax profit of £57.1 million last year, compared to a loss of £5.2 million the year before.
Sales increased by 31% to £315 million in the year to 28 January, 2023, and online sales increased 51%.
Chief executive John Edgar told Retail Week that the business is well positioned to advance its transformation strategy, including the improvement of in-store customer experience and making significant investments in digital, which has previously been overlooked.
He said: “Last year was one of the most important in the history of Fenwick. [The Bond Street disposal] has allowed us to continue our transformation on an even more sound footing. It’s allowed us to step up investment in all our stores, particularly Newcastle, and invest in digital, which is the growth driver.”
John reported that trading had been up and down over the year, due to unexpected weather, but that the business benefitted from a focus on full price sales as well as a better inventory position.
