Fortnum & Mason is expected to report almost flat company sales of £39.6m compared to £39.4m in 2003, when it announces it annual accounts over the next few weeks.
The company said sales are currently running below the levels seen in 2003/4. For the 25 weeks to January 2, 2005 its UK sales are down by 3.6%.
The loss in sales followed the company’s decision last year to close various clothing departments to focus on food.
Regarding the loss in sales, the company said: “This, combined with the recently announced changes within the Piccadilly store (closure of menswear, ladies clothing and the antiques department) and increased investment in marketing and brand packaging, will almost certainly result in a loss for the year 2004/5.”
Commenting on the figures, Fortnum & Mason chairman Mrs Jana Khayat, said: “As a private company we are in the fortunate position of being able to invest in our future, which is what we have been doing in the current year.
“Approaching our 300th anniversary in 2007 we are focussing on our core departments in the areas of marketing and brand packaging ensuring we remain as irreplaceable to our customers in the future as we have in the past.”
The company said sales are currently running below the levels seen in 2003/4. For the 25 weeks to January 2, 2005 its UK sales are down by 3.6%.
The loss in sales followed the company’s decision last year to close various clothing departments to focus on food.
Regarding the loss in sales, the company said: “This, combined with the recently announced changes within the Piccadilly store (closure of menswear, ladies clothing and the antiques department) and increased investment in marketing and brand packaging, will almost certainly result in a loss for the year 2004/5.”
Commenting on the figures, Fortnum & Mason chairman Mrs Jana Khayat, said: “As a private company we are in the fortunate position of being able to invest in our future, which is what we have been doing in the current year.
“Approaching our 300th anniversary in 2007 we are focussing on our core departments in the areas of marketing and brand packaging ensuring we remain as irreplaceable to our customers in the future as we have in the past.”
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