Independent department store group Fenwick has reported a decline in sales while losses narrowed.

According to its latest filed accounts for the year ended 31 January 2025, total gross sales fell 4% to £287m from £299m in 2024.

Pre-tax losses resulted at £38.7m, narrowing from a loss of £58.9m.

Within the group, Fenwick sales represented £143.2m, down 4% from £149.2m, while concession sales stood at £17.8m, down from £19.6m. Catering sales rose from £9.4m to £10.3m, while rental income stood at £1.8m.

Stated within its report, the company said: “2024 figures include sales and associated costs for Bond Street Store that was sold and ceased trading in 2024. Trading was challenging with the cost-of-living crisis and a changing retail environment.

“After a difficult first half where there was a lot of discounting in the market, the second six months of 2024 the business experienced strong single digit growth +7.6% (LFL +4.6%) together with strong margin improvement.

“Because of this the Gross Margin remained relatively stable at 43% of which was aided in the second half by an emphasis on full price sell-through.”