Fortnum & Mason back in profit as shoppers flock to store
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Fortnum & Mason is returning to profit after two years of Covid woes as shoppers flock to the store
Fortnum & Mason turned a profit last year as shoppers flocked back to the department store.
The King’s grocer posted a profit of £6 million in the 12 months to last July after consecutive years of losses during Covid.
And sales reached £187 million, up from £132 million in the same period a year earlier.
Back in black: Fortnum & Mason posted a £6m profit in the 12 months to last July after consecutive years of losses during Covid
Boss Tom Athron said, “The world opened up again and our stores and restaurants were able to open again, and we saw our online business holding up.”
The rise continued through Christmas, Athron said, adding that despite the “growing uncertainty,” the company expects a boost from the king’s coronation this year thanks to the retailer’s close ties to the royal family.
Although sales were up on 2019, profits were below the £9.3m mark reached pre-Covid.
Athron said there were fewer visitors at its flagship Piccadilly store and it was facing higher supplier costs and payroll bills.