Independent department store group Fenwick has reported a decline in sales as revenues remained around £300m.

According to its latest filed accounts for the year ended 26 January 2024, total sales fell 5.1% to £299m from £315.3m in 2023. Pre-tax losses resulted at £38.1m, narrowing from £71.1m.

Within the group, Fenwick sales represented £149.2m, down 8.2% from £162.6m, while concession sales stood at £19.6m, up from £19.5m. Catering sales rose from £8.9m to £9.4m, while rental income stood at £2m.

Stated within its report, the company said: “Trading was challenging with the cost-of-living crisis and a changing retail environment.

“Despite this, the gross margin increased to 43.1% (39.8%) which was aided by an emphasis on full price sell-through.”

Following the period end, Fenwick closed its property on Bond Street having completed the sale of the freehold earlier in the period. The company now trades through eight stores and online.