Fenwick swings to profit driven by Bond Street store sale

For the 2022 financial year, Fenwick’s annual accounts filed with Companies House show a 31 percent increase in gross sales to 315 million pounds.

The department store chain reported a pre-tax profit of 57.1 million pounds compared to a loss of 5.22 million pounds in the previous period, as a result of proceeds from the sale of Bond Street.

Investments in the online business drove online sales by 51 percent.

The company said that the sale of Fenwick’s Bond Street store, which closed shortly after the financial period, put the business on a strong footing for the future.

Recently, Fenwick launched their first ever advertising campaign, “Quiet No More”. The company is investing 40 million pounds in a multiyear programme to transform their Newcastle store. Last month, the company renamed their Kingston store from “Bentalls” to “Fenwick” after over twenty years and plans further investment in digital infrastructure to make Fenwick a brand with national recognition.

Fenwick added to the statement that it will soon be unveiling their annual Christmas window display in Newcastle.