What: Fenwick is profitable again, thanks to the sale of the New Bond Street store.

Why it is important: Is that a good sign?

Fenwick reported a pre-tax profit of GBP 57.1m last year, a significant turnaround from a GBP 5.2m loss the previous year, largely due to the GBP 430m sale of its New Bond Street store. Gross sales increased by 31% to GBP 315m, with online sales up 51% in the year leading up to January 28, 2023.

CEO John Edgar emphasized the importance of the sale in bolstering the company's transformation, allowing greater investment in digital avenues and physical stores, especially in Newcastle.

Despite some inconsistent trading this year, largely due to unpredictable weather, the company maintained a focus on full-priced sales and improved inventory management. Edgar is optimistic about the upcoming Christmas season and has no plans to close any stores, instead looking to potentially open more in strategic locations.

Fenwick returns to profits thanks to the sale of its London flagship