Department store chain Fenwick slashed losses in the past year as it focused on full-price retailing.
Operating losses fell from £45m to £18.3m in the year to 28 January as pre-tax losses fell from £112m to £5.2m, John Edgar, Fenwick chief executive told Retail Week. Sales grew 71% to £240m. The company has yet to file its accounts with Companies House.
‘We are cementing Fenwick’s position as the UK’s leading multi-channel premium department store – driving innovation across our edit and delivering unique experiences through Fenwick’s trademark hospitality. This is what underpinned a stable business recovery last year, leading to significantly increased sales and margin, and this is what will continue to drive us forward as we invest for the future of our stores and communities,’ he says.
Last year Barker and Stonehouse opened major furniture departments at Fenwick’s flagship store in Newcastle and its Bentalls store in Kingston.
