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Luxury British retailer Fortnum & Mason has delivered impressive financial results, paying £2.6 million in dividends to its billionaire owners, the Weston family, following substantial profit and sales growth in the previous fiscal year.
The prestigious department store, operating through its Wittington Investments vehicle, reported a remarkable 24 per cent increase in pre-tax profits to £9.3 million, whilst turnover climbed 9 per cent to £228 million for the year ending July.
The King’s grocer, which received its royal warrant last year, witnessed record-breaking shop sales during the Christmas period, posting a 14 per cent increase. This growth was primarily driven by international customers, helping to offset cautious domestic spending patterns amidst challenging UK economic conditions.
Chief Executive Tom Athron expressed optimism about the company’s brick-and-mortar strategy, noting the strong performance of satellite shops across London. This success has prompted plans for expansion into new locations, with a particular focus on travel retail destinations.
The retailer’s physical store success stands in marked contrast to broader industry trends, which typically show declining in-store sales and growing online revenues. However, Fortnum & Mason’s online sales experienced a 7 per cent decrease during the Christmas period, attributed to warehouse consolidation efforts.
Looking ahead, the company faces fresh challenges from recent government budget measures, which are expected to impose a £3 million cost burden. Athron indicated that while price increases would be avoided where possible, the company may need to implement additional automation and technological solutions to maintain operational efficiency.
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