Fenwick reports declining full year sales
UK department store operator Fenwick reports a decline in sales from £433.7m to £426.6m in the full year to January 30, 2015.
Fenwick also reports turnover fell during this period, down to £298m from £300.9m. Profit before tax was £30m, a decline from the £35m the company made in the previous year.
Fenwick’s board of directors said the UK retail sector “remained very competitive” in 2014. They also stated that “footfall across the sector was challenging with a final quarter dominated by aggressive discounting and squeezed margins.” However, Fenwick is continuing with a major investment programme within its stores.
The company is also actively pursuing opportunities to expand its overall retail footprint, and has made an investment acquisition on New Bond Street. In 2017, Fenwick will open its first new store in 14 years at the Lexicon Bracknell centre. The store will measure 80,000 sqft.