Fortnum & Mason today (Monday 24 November) announces record full-year profits. The figures have been delivered as the iconic retailer enjoyed the busiest year in its 307-year history.
The Fortnum & Mason annual results show that, for the year up to July 2014, sales were £74.4m (a 14% increase on 2013) and profit before tax was £3.8m – more than double the £1.8m generated the previous year.
Fortnum & Mason said its strong financial performance has been driven by excellent sales at the brand’s flagship Piccadilly store, and through 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 then its first standalone store outside of the UK in Dubai in March 2014 on a licensed basis. Looking to the future, the upward trajectory looks set to continue – just last week the doors opened at a 1,000sq ft standalone store at Heathrow Terminal 5.
The stores at Piccadilly, St Pancras and Dubai all delivered stand out results, both on the retail and hospitality sides, said Fortnum & Mason. Across the board hamper sales increased by 18%and tea sales were equally impressive, up 13% on the previous year. Online sales increased 25%.
Fortnum & Mason CEO, 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.
“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.”
