Department retailer Fenwick has reported a marked enchancment in its monetary efficiency for FY2024, with lowered losses and renewed momentum as the division retailer group’s three-year transformation plan begins to pay off.
For the 53 weeks ending 31 January 2025, fiscal 12 months 20204, the group recorded an enchancment of £16.2 million in losses. This lowered its deficit to £35.5 million, in comparison with £51.7 million the earlier 12 months. The firm stated that enchancment was pushed by a mix of gross sales development and operational value financial savings of £11.2 million.
Turnover for the 12 months stood at £177 million, with product sales of £291.5 million. Fenwick famous that the FY2023 figures included its Bond Street retailer, which was offered and ceased buying and selling in 2024. Adjusting for this, the group achieved a 4.7% improve in gross sales in FY2024.
The firm additionally confirmed it had totally repaid its £60 million mortgage facility in August 2024, leaving it debt-free with £84.9 million in money reserves.
Fenwick highlighted a sequence of strategic developments and model initiatives that contributed to the improved efficiency. These included the continued success of its premium retail partnership with Newcastle United Football Club, finishing the migration to a brand new on-line platform and the opening of the £40 million Newcastle Beauty Hall in October 2024.
Fenwick stated the outcomes replicate the influence of its three-year strategic plan, which goals to develop gross sales and margins whereas enhancing operational effectivity throughout its retail property.
The plan has been led by Fenwick’s new govt staff, which incorporates Chief People Officer Susan Gordon and Chief Trading Officer Joseph Wright, each of whom joined throughout FY2024.
Sian Westerman, Chair of Fenwick, stated: “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 fulfill the expectations of a contemporary buyer whereas staying true to what makes our model 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.”