Fortnum & Mason has revealed its pre-tax profits rose 26% to £9.6m thanks to growing online sales.
The queen’s grocer had its sixth successive year of double-digit sales growth, with sales up 12% to £126m for the financial year ending July 2018.
Fortnums increased its online sales by 21% in the period, and benefited from growth overseas, particularly in Hong Kong where sales rose 55%. Its products were delivered to a record number of 125 countries worldwide, and sales at its travel location stores and restaurants in St Pancras Station and Heathrow Airport had a 12% boost compared with last year.
Its original and flagship store in London’s Piccadilly also fared well, with like-for-like sales growing 10%. Its 45 Jermyn St restaurant in St James’s, London, saw an 18% boost.
In addition, loose leaf tea and British biscuits sales both increased by 21% this year.
Fortnum & Mason said its financial success demonstrated its ongoing commitment to be more relevant to more people, more often, with its strong multichannel performance at the heart.
“This year has not been without its challenges, but we’re proud to report another exceptional trading period,” said Fortnum & Mason CEO Ewan Venters. “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 we are able to meet the growing demand for quality and impeccably sourced products.”
The results come two weeks after the luxury retailer opened a new store and restaurant in the City’s Royal Exchange, and within the year it opened retail spaces in Shinsegae Gyeonggi and Shinsegae Gangnam in South Korea.
Chairman Kate Hobhouse, said she was “very excited” about the new London store. “London is, and always will be, a great place to do business, and we have taken the quality that Fortnums can offer to the beating heart of the City. We are also getting ready for what we hope will be another excellent Christmas.”