Landmark department store business Fortnum & Mason intends to invest in a raft of initiatives after reporting a strong annual and Christmas performance.
Plans include a new ‘double helix’ staircase in Fortnum & Mason’s landmark store on London’s Piccadilly, its first customer membership programme and investment in digital as well as existing stores and restaurants.
Fortnum & Mason reported annual turnover up 9% to £228m in its last financial year to July 2024, when pre-tax profits climbed 24% to £9.3m.
UK store sales rose 14% over the year, “driven by increased international customers offsetting a more cautious domestic customer and a challenging UK economic backdrop”. Wholesale sales to retail partners were up 20%, while online revenues increased 4% following improvements to customer relationship management and “a more streamlined online journey”.
Over a five-week Christmas period to December 24, Fortnum & Mason stores achieved like-for-like growth of 10%. Online sales were down 7% as the retailer “controlled demand in [its] new warehouse”. Trading revenues across all channels rose 2%.
Fortnum & Mason chief executive Tom Athron said: “Although the economic climate has not been without its challenges, I am incredibly proud of our staff and customers who have helped deliver another year of strong growth for Fortnum & Mason.
“It is such a thrill to see how the investments we have made to our in-store experience, as well as the investments made to our online shopping experience in the UK, EU and beyond, have had a tangible and positive impact on the business, not just at Christmas but all year round.
“During the coming year, we will continue to invest in all parts of the business. The installation of a double helix staircase in our flagship Piccadilly store and the launch of our first-ever membership scheme for our customers will continue to ensure we provide unique, in-store experiences.
“We will also continue to make investments and implement new technologies across all elements of our business to ensure our customers receive the level of service they have come to expect from Fortnum’s. As we look ahead to 2025, I am extremely excited by the possibilities it presents.”
No comments yet