Fenwick returns to sales growth as operating loss falls 40%

Fenwick has cut its operating loss by 40% to £23.4 million for FY25, with sales growth and a firmer gross margin supporting the first year of its three-year transformation strategy.

Summary of results

• Operating loss fell by £15.7 million to £23.4 million.
• Like-for-like gross sales increased by 2.5%, with turnover reaching £179.2 million.
• Fenwick remained debt-free and held £63.4 million in cash reserves.

After the first year of its three-year plan, Fenwick is closer to its target of sustainable profitability. Sales advanced across its eight stores and online operation, while margin edged higher despite pressure on the UK high street in the final quarter. Fenwick is directing further investment towards its Kingston and Brent Cross stores, following strong returns from Newcastle.

Sales and margin improve

Fenwick, the UK’s largest family-owned department store group, reduced its operating loss from £39.1 million to £23.4 million in the 52 weeks ended 30 January 2026.

Gross sales increased by £7 million to £287.4 million, compared with a restated 52-week figure of £280.4 million in FY24. Like-for-like gross sales rose 2.5% across the retailer’s stores and online business.

Turnover advanced from £177 million to £179.2 million, while gross profit margin edged up from 44.2% to 44.4%. Fenwick said the margin performance was maintained despite pressure across the UK high street during the final quarter.

The retailer ended the year with a debt-free balance sheet and cash reserves of £63.4 million.

Sian Westerman, Chair of Fenwick, said: “These results demonstrate that our strategy is delivering. Achieving a 40% reduction in operating loss in what remains a challenging retail environment is a significant milestone.

"Fenwick is now in a stronger position than it has been for many years, and I am confident our three-year strategy will return the business to sustainable profitability.”

Digital investment expands customer reach

Fenwick completed its migration to Shopify during the year, establishing a single customer interface across its stores and ecommerce operation. It also introduced data tools intended to improve customer insight and business reporting.

The group also unified its customer relationship management database and launched MyFenwick Loyalty in September 2025, which has already recruited more than 350,000 members.

Mia Fenwick, Executive Deputy Chair, said: “The first year of our three-year plan has delivered strong progress and demonstrates that our strategy is gaining real momentum. We have built stronger foundations for the business, invested in the customer experience and continued to evolve Fenwick as a truly omnichannel retailer."

She added that the department store's loyalty system had been embraced by customers and that the integration of physical and digital channels was creating a more consistent customer experience. She also confirmed that further improvements are planned for Kingston and Brent Cross, while the Newcastle flagship continues to generate strong returns.

Recent store activity has included selected activations across all eight Fenwick locations and a 500 sq ft Wax London concession at Kingston.