Fenwick's losses shrink as three-year turnaround strategy pays off

Department store Fenwick has reported a marked improvement in its financial performance for FY2024, with reduced losses as the group's three-year transformation plan begins to pay off.

For the 53 weeks ending 31 January 2025, fiscal year 20204, the group recorded an improvement of £16.2 million in losses. This reduced its deficit to £35.5 million, compared to £51.7 million the previous year. The company said that improvement was driven by a combination of sales growth and operational cost savings of £11.2 million.

Turnover for the year stood at £177 million, with gross sales of £291.5 million. Fenwick noted that the FY2023 figures included its Bond Street store, which was sold and ceased trading in 2024. Adjusting for this, the group achieved a 4.7% increase in sales in FY2024.

The company also confirmed it had fully repaid its £60 million loan facility in August 2024, leaving it debt-free with £84.9 million in cash reserves.

Fenwick highlighted a series of strategic developments and brand initiatives that contributed to the improved performance. These included the continued success of its premium retail partnership with Newcastle United Football Club, completing the migration to a new online platform and the opening of the £40 million Newcastle Beauty Hall in October 2024.

Fenwick said the results reflect the impact of its three-year strategic plan, which aims to grow sales and margins while improving operational efficiency across its retail estate.

The plan has been led by Fenwick’s new executive team, which includes Chief People Officer Susan Gordon and Chief Trading Officer Joseph Wright, both of whom joined during FY2024.

Sian Westerman, Chair of Fenwick, said: "These results mark important progress as we continue to reshape the business for long-term sustainability. The strategic changes underway are beginning to take effect, and the Board remains confident in the direction being taken. While the retail environment remains challenging, Fenwick is becoming a more focused, agile business with a clear plan for profitable growth."

Mia Fenwick, Executive Deputy Chair, added: "We’re evolving Fenwick to meet the expectations of a modern customer while staying true to what makes our brand distinctive.

"From digital improvements to reimagining the store experience, the strategic decisions we’ve made, combined with our operational transformation, are delivering real momentum. This was especially evident in the second half of 2024 and has continued into 2025. There’s more to do, but we’re on the right track - and we’re excited about the future."