Luxury retailer Fortnum & Mason has announced record sales and profit growth of more than 25 per cent for the third year in a row, and revealed that it has increased trading with domestic UK brands over the past 12 months.
The iconic British brand reported profits of £6.2m, up 27 per cent compared to last year. Sales grew to £98.7m, which the firm said was driven by growth in its online business of 24 per cent year-on-year.
The company outlined highlights in its portfolio: sales of hampers rose 17 per cent, and confectionery sales were up 24 per cent, while sales of beauty products also increased by 24 per cent after the brand invested in a new beauty floor at the flagship store in Piccadilly.
Fortnum & Mason's stores at St Pancras International and Heathrow Terminal 5 also posted strong performances for the year, with sales up 19 per cent and 32 per cent respectively. The company added that its restaurant, 45 Jermyn St, is outperforming financial targets after just over one year of trading.
"We are now anticipating a busy and successful Christmas period," said Ewan Venters, chief executive of Fortnum & Mason.
"As always, we expect this to be driven by sales of our world-famous hampers and of our Christmas food range."
Meanwhile, Fortnum & Mason revealed that it increased trade with UK companies by nine per cent this year.
The brand's chair, Kate Hobhouse, said: "Knowing that our recent success impacts so positively on so many UK producers is one of the great pleasures of chairing the business. Our UK suppliers have always been the backbone of our ranges, and we continually nurture new talent wherever it is found."
I am obviously delighted with our financial performance, and I am pleased that the investments we have made in the brand over the past year have been translated into sales. We will continue to be restless in our quest to provide our customers, wherever they may be, or whatever platform they choose to use, with the highest quality products and the best possible experience.