UK DIY News
Fenwick Posts Sales Decline
Fenwick, the department store chain, has reported another year of losses and sales decline, advising that the cost of living crisis and the changing retail environment have impacted trading.
Documents filed at Companies House, covering the year ended 26 January 2024, show that Fenwick's gross sales (including VAT) had declined by 3% to £299m. Turnover was £180.4m, down from £193.2m while pre-tax losses reduced from £71.2m to £38.1m.
Fenwick currently trades from its website and stores in Newcastle, Kingston, Brent Cross, Colchester, Canterbury, Tunbridge Wells, Bracknell and York. The retailer closed its famous four-storey London Bond Street store in February.
The company said that high mortgage rates and inflation had affected trading, and that sales in the last quarter had been affected by heavy discounting by competitors, which made it difficult for the company to limit discounting and contain costs relative to sales.
Fenwick's directors said, “Steps will continue to be taken to improve the operating model, especially with regards to an ever more efficient online operating model and there will be a strong focus on improving the revenue growth and profitability of our online and bricks and mortar offering.
“This will be achieved through a focus on retail basis, delivering differentiated customer service and preserving margin on products offered and building upon the strong position it has in the local markets within which it trades.”
Source : Insight DIY
Image : VV Shots / iStock / 1945414045
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