Fenwick sees dip in sales and profit
Department store chain Fenwick has reported a dip in sales and profits as it faces “challenging” conditions on the high street.
Figures filed at Companies House reveal that turnover fell to £291 million from £296.4 million in the year to 27 January while pre-tax profits dipped to £35.8 million from £36.7 million in the previous year.
The retailer explained that its performance had suffered due to a combination of factors which made trading conditions difficult. Fenwick said: “2011/12 was a challenging year for retail, with the economy slowing, a mild autumn and falling consumer spending.”
Fenwick operates 11 stores across the UK including a flagship store in London’s Bond Street.
The retailer has recently submitted plans to Colchester Council for a £30 million redevelopment of its Williams & Griffin store in the town which will result in the trading space being increased by 50%.
