'Agile' Fenwick has 'clear plan for profitable growth'

NORTH East luxury department store chain Fenwick has narrowed its losses for a second year, while challenges continue to bite into the UK retail industry.

- COREENA FORD

The company - the UK’s largest family-owned group of department stores - is toasting a significant improvement in its financial performance in the year ended January 2025, against the backdrop of ongoing, testing High Street conditions.

Fenwick operates eight regional department stores including its flagship store in Newcastle's Northumberland Street, Kingston, Brent Cross, Colchester, Canterbury, Tun-bridge Wells, Bracknell and York, as well its online business.

Despite troubling times in the retail sector, in recent years Fenwick have continued to invest in its stores, using the proceeds of the sale of its London Bond Street store - sold in 2022 in a £430m deal - on strategic investments within its portfolio, including Newcastle.

Turmover fell from £184.2m to £177m, but its operating loss was shortened from £52.7m to £39m, and its overall loss was £35.5m, an improvement on the previous year's figure of £51.7m.

Fenwick, which employees around 1,555 people, said it saw particularly strong sales growth in the second half of the year and also made operational cost savings of £11.2m.

The 2024 figures also include sales and associated costs for its Bond Street store, which closed its doors in February 2024.

A note within the accounts said: “The British retail sector continues to remain challenging.