Fortnum & Mason reports record full-year profits
Fortnum & Mason has reported record full-year profits after the upmarket department store enjoyed the busiest year in its 307-year history.
In the year to July 2014, sales rose by 14% to £74.4 million while pre-tax profit was £3.8 million – more than double the £1.8 million generated in the previous year.
The retailer said the performance was driven by “excellent” sales at its flagship store in London’s Piccadilly and by a growth strategy that included the opening of two new sites.
In November 2013, Fortnum’s opened its first new store in more than 300 years at St Pancras International Station, and in March 2014 opened its first standalone store outside of the UK in Dubai.
The retailer said all three stores delivered stand out results. Across the board, hamper sales increased by 18% while tea sales were up 13% on the previous year. Online sales climbed by 25%.
Fortnum’s chief executive Ewan Venters said: “We are thrilled with the figures. The last financial year was a landmark one for us and the new stores at St Pancras, and in Dubai, have both been big success stories. Piccadilly has gone from strength to strength too, and it’s all down to the management and wider staff teams. We have an exceptionally talented group driving the business forward.”
Looking ahead, he added: “We’re very excited about Christmas, naturally, and all the signs suggest we are going to have our best festive season on record too. Looking to the future, we know we can’t afford to rest on our laurels. We’ll continue to invest in the business to provide our customers with the best possible experience, in-stores and online, and we’re all set to launch a number of extremely exciting initiatives in 2015 that will, hopefully, see us deliver another set of record breaking results next year.”
Last week, Fortnum’s opened a new 1,000 square foot airport store at Heathrow’s Terminal 5.
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