Luxury department store retailer Fenwick faced a challenging year after the board of directors set the figures against a “very competitive” UK retail sector in 2014. Other retailers exemplified excess capacity and promotional activity that encouraged 11-store chain, to suffer.
“Retailers suffered in the mild autumn and footfall across the sector was challenging with a final quarter dominated by aggressive discounting and squeezed margins,” said secretary J Anders in documents filed to Companies House. “Against this backdrop the group was unable to match the prior year 53-week sales volumes and profitability suffered.”
Sales fell by 1.6% to £426.6m and profit before tax fell from £35m to £30m for the 52 weeks against the previous 53-week period. Despite a decrease in sales and profitability, the brand has ambitions to expand its retail footprint and actively pursue opportunities.
The group said it is continuing a major investment programme within its stores to maintain an edge. Its gentrification scheme to transform IT infrastructure, online capacity and digital capacity is well underway, with developments that hope to boost profits and attract consumers of endless attractive options.
The company is poised to open its first store in 14 years come 2017 at the new £240m Lexicon Bracknell retail and leisure destination.