// Fenwick records £17.3m drop in full-year profits
// Gross sales dropped by 13.6% to £355m
Fenwick has swung to a loss in its full-year profits thanks to a “tough retail trading environment”.
In the 52 weeks to January 25, the family-owned department store chain posted a loss of £17.3 million, compared with a £6.5 million profit in the previous year.
Gross sales dropped by 13.6 per cent to £355 million.
However, Fenwick said it was “optimistic” about its future after net assets reached £541 million and it reported to have no debt.
“As anticipated, our full-year results reflect the tough retail trading environment in which all high street stores are operating, and also the investments we’re making to transform Fenwick, to set us firmly on the path to future sustainable and profitable growth,” a spokeswoman said.
“One year into our three-year transformation programme, we are making great progress in modernising the business in ways that will reduce costs, and improve the customer experience in-store and online, where we are heavily investing and see real potential.
“We remain in a strong financial position, owning the majority of our properties and with a strong balance sheet. We’re optimistic about what the future holds for Fenwick.”
Fenwick has nine stores across the UK.