British department store chain Fenwick has reported widening losses in a year it described as “extremely challenging” even prior to the Covid-19 pandemic.
For the 12 months to January 31, the family-owned business reported a loss of 49 million pounds compared to a loss of 46 million pounds the prior year.
The company’s net sales fell 9 percent to 271.5 million pounds, which it said reflected “the difficult trading environment which retailers faced even before the pandemic”.
The retailer managed to narrow its operating losses in the year to almost 11.8 million pounds compared to 17.3 million pounds in 2019.
The company also warned of the challenging period to come. “Due to the impact of Covid-19, we anticipate that the business will make a sizeable loss in the coming year. The group has put in place a two-year secured borrowing facility as part of its contingency planning and to ensure sufficient funding.”
Photo Credit: Fenwick, Facebook