Independent department store chain Fenwick has reported a growth in turnover and profit as continued investment in stores helped drive performance.
According to its latest filed accounts for the 52 weeks ended 29 January 2016, total group sales grew by 1.2% to £362.2m. Operating profit fell by 5.4% to £25.3m from £26.8m, whereas pre-tax profit rose by almost £10m to £44.1m, up 23.1% from £35.8m recorded in 2015.
At the end of the year, net assets increased by 6.2% to £595.8m from £560.7m in 2015.
Fenwick stated that it continued to invest within its stores, with projects in Newcastle, Bond Street and Brent Cross all completed during the period.
More recently, Fenwick finalised its refurbishment of its Colchester location, investing around £35m into the redevelopment, which has seen the store space expand by 50% to 120,000sq ft.
Fenwick said that it plans to maintain its investment within its stores, with developments planned in other locations throughout the year, whilst confirming that it will open a new store in The Lexicon, Bracknall in 2017.
As well as ongoing store investment, Fenwick outlined plans to improve its digital infrastructure with the launch of its new group transactional website.
The 11-strong chain offers a wide selection of furniture, home and fashion items across English-based locations as varied as London, York and its founding city of Newcastle, which dates back to 1882.