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Fenwick swings to £17.3m loss

Tom Bottomley
18 October 2019

Family-owned department store chain Fenwick has recorded a loss of £17.3m in the 52 weeks to 25 January, citing a “tough retail trading environment”.

The figures compare to a £6.5m profit the previous year, and gross sales have dropped 13.6% to £355 million. However, the underlying business has net assets of £541m, is well capitalised and has no debt.

A spokesperson for Fenwick said: “As anticipated, our full year results reflect the tough retail trading environment in which all high street stores are operating, and also the investments we’re making to transform Fenwick, to set us firmly on the path to future sustainable and profitable growth.

“One year into our three-year transformation programme, we are making great progress in modernising the business in ways which will reduce costs and improve the customer experience in-store and online, where we are heavily investing and see real potential.”

Fenwick remains in a strong financial position, owning the majority of its properties and with a strong balance sheet, and it remains “optimistic” about what the future.

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