Luxury UK retailer Fortnum & Mason has posted a 27% increase in operating profit for FY 2015/16, to £6.2 million.
The retailer recently opened newest store locations at St Pancras International and Heathrow Terminal 5, which posted sales growth of 19% and 32% respectively, according to the results. In addition, sales were up in the group’s online platform, as did its own-brand food gifting ranges.
“The online channel continues to grow apace, doubling over the last three years,” commented Honor Strachan, Lead Analyst at Verdict Retail.
“The platform now delivers to 128 countries, allowing Fortnum & Mason to serve a global customer base and leverage its British brand appeal. The depreciation of the pound will have benefited the retailer’s online sales since June, so we expect to see another year of robust channel growth in 2016/17.”
Verdict Retail added that it expects the increase in international visitors to London to also impact positively on Fortnum & Mason’s performance in the coming year.
© 2016 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. To subscribe to ESM: The European Supermarket Magazine, click here.