Pretax profit doubles at London's Fortnum & Mason
London tea and hamper retailer, Fortnum & Mason, has reported an increased in sales and profits in the lead up to Christmas, according to The Guardian.
The retailer, which is 307 years old and best known for its flagship store in Picadilly, has more than doubled pretax profits to £3.8 million in the year to July, with sales soaring 14% to £74.4 million.
Fortnum opened its first new store in more than 300 years at St Pancras station in London last November.
It followed that up this year with its first outlet outside the UK, in Dubai, operated by a third party, and it also recently opened an outlet in Heathrow Terminal 5.
Fortnum, which is owned by the Weston family that controls Associated British Foods, said hamper sales had increased 18% during the year and tea sales 13%. Online sales increased 25%.
Fortnum’s chief executive, Ewan Venters said: “We are thrilled with the figures.
“The last financial year was a landmark one for us and the new stores at St Pancras and in Dubai, have both been big success stories.
“Piccadilly has gone from strength to strength too.”
This was posted in Bdaily's Members' News section by Ellen Forster .