Fortnum & Mason has hailed a spike in sales and profits in what it dubbed a “stellar year of growth”.
The luxury food retailer said pre-tax profit jumped 26% to £9.6m in the year to July 31, 2018.
Revenues climbed 12% to £126m during the 12-month period, marking Fortnums’ sixth consecutive year of double-digit sales growth.
The retailer, which operates an iconic store in London’s Piccadilly, said “strong” multichannel performance was “at the heart” of its success.
Online sales increased 21%, buoyed by demand from international markets including Hong Kong, where sales surged 55%. Fortnums sold to 125 countries across the globe during the financial year.
Its stores also registered growth, with its flagship Piccadilly site clocking up a 10% increase and travel sites at St Pancras International station and Heathrow Terminal 5 recording a combined 12% rise.
Earlier this month, Fortnums opened a new shop and restaurant at The Royal Exchange in London, following bricks-and-mortar launches in Shinsegae Gyong-Gi and Shinsegae Gangnam in South Korea.
Fortnum & Mason boss Ewan Venters 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.”
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