Family owned-department store chain Fenwick has swung to a loss in the 52 weeks to 25 January amid a “tough retail trading environment”.
Fenwick posted a loss of £17.3m, compared with a £6.5m profit the previous year. Gross sales plummeted by 13.6% to £355m.
However, the business has net assets of £541m and no debt.
This was the first year in the business’s three-year transformation programme, and Fenwick remains “optimistic” about its future.
A spokeswoman said: “As anticipated, our full-year results reflect the tough retail trading environment in which all high street stores are operating, and also the investments we’re making to transform Fenwick, to set us firmly on the path to future sustainable and profitable growth.
“One year into our three-year transformation programme, we are making great progress in modernising the business in ways that will reduce costs, and improve the customer experience in-store and online, where we are heavily investing and see real potential. We remain in a strong financial position, owning the majority of our properties and with a strong balance sheet. We’re optimistic about what the future holds for Fenwick.”