Fenwick posts marginal rise in annual sales

Fenwick, department stores operator in the UK has reported a marginal increase of 1.2 percent in sales to 437.1 million pounds (534 million dollars) for the year to January 29 2016. While the 134-year old retailer paid 4.8 million pounds in dividend to the controlling family last year, it is sceptical about the health of the UK retail market.

The company chaired by Mark Fenwick – the former manager of pop bands Roxy Music and T. Rex, said that pre-tax profit for the year was up by around a quarter to 44.2 million pounds (53 million dollars). Despite positive like-for-like sales, the company said that it remains “cautious about UK retail prospects.”

Having 11 stores at the moment, including its flagship on New Bond Street in London, Fenwick plans to open doors to a new store in Bracknell in 2017. The company is yet to start selling via its e-commerce platform but aims relaunch e-commerce later this year.

Picture:Fenwick