Fortnum & Mason says its commitment to be more relevant to more people, more often has helped it lift its sales by 12% in its latest financial year, while its profits have grown by 26%.
The luxury grocer, founded in London’s Piccadilly in 1707, has seen online sales grow by 21% in the year ending July 2018, as sales grew by 12% to £126m and profits by 26% to £9.6m. This is the sixth year in a row of double-digit sales growth.
Overseas sales grew strongly, especially in Hong Kong where sales were 55% up on the same time last year. Over the last year the retailer has opened stores in The Royal Exchange in the City of London, as well as developing two new retail spaces in South Korea. Sales at its travel sites at St Pancras and Heathrow Terminal 5 rose by 12% over the year, and products were delivered to 125 countries around the world.
Ewan Venters, chief executive of Fortnum & Mason, said: “This year has not been without its challenges, but we’re proud to report another exceptional trading period. By being faithful to our heritage and pedigree, focusing on the creation of extraordinary products and exceptional service, and delivering our world-renowned products to customers anywhere in the world, I am pleased that we are able to meet the growing demand for quality and impeccably-sourced products.
“I am particularly pleased with the increase in sales in South East Asia and have great hopes for our two new spaces in South Korea. Our domestic performance shows that in difficult times, the calming properties of a good cup of tea and a biscuit are especially important. And where better to satisfy that desire than at Fortnum & Mason.”
Kate Hobhouse, chairman at Fortnum’s, said: “I am very excited about the opening of new new store and restaurant at The Royal Exchange. London is, and always will be, a great place to do business and we have taken the quality that Fortnum’s can offer to the beating heart of the City.
“Meanwhile, we are getting ready for what we hope will be another excellent Christmas.”
Fortnum & Mason is a Top350 retailer in IRUK Top500 research.
Image courtesy of Fortnum & Mason