Fortnum & Mason sees 12% revenue growth in ‘exceptional’ trading year
London-based luxury department store Fortnum & Mason has revealed its sixth consecutive year of double-digit growth, fuelled by demand from both overseas and domestic customers.
The high-end retailer, which specialises in luxury hampers but also sells beauty products, fashion accessories and jewellery, is a bright spot in a gloomy UK retail market.
Revenues for the year ended July 2018 increased by 12% to £126 million, while profits surged 26% to £9.6 million, the company said this week.
“This year has not been without its challenges, but we’re proud to report another exceptional trading period,” said chief executive Ewan Venters.
“By being faithful to our heritage and pedigree, focusing on the creation of extraordinary products and exceptional service, and delivering our world-renowned products to customers anywhere in the world, I am pleased that we are able to meet the growing demand for quality and impeccably-sourced products.”
Online sales provided a boost, as customers in Hong Kong delivered a 55% increase in orders compared to the previous year. Fortnum & Mason’s flagship store in London’s Piccadilly also performed well, with like-for-like sales up 10% during the period.
Other retail spaces, including the retailer’s sites at St Pancras and Heathrow Airport, reported a 12% increase in sales.
Fortnum & Mason is taking advantage of its retail strength and opened two stores in South Korea, plus a recently unveiled store and restaurant in The Royal Exchange in the City of London.
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