Fortnum slumps to its first loss in 12 years

THE Queen’s grocer Fortnum & Mason slumped to its first annual loss in more than a decade, it said yesterday.

Sales at the luxury department store fell 6pc to £132m in the year to July as stores were closed through lockdowns.

In a ‘testing year’ Fortnum recorded a loss of £2.7m, down from a £0.6m profit a year earlier and its first loss in 12 years.

Losses were especially pronounced at its iconic Piccadilly store and were compounded by the retailer’s decision not to claim furlough money for staff. But the department store, founded in London in 1707, saw a significant pickup in Christmas trading.

It said sales in the five weeks to Boxing Day jumped 21pc from last year as customers flocked back to shops.

The sales jump was driven by its bestselling pistachio and clotted cream biscuits and sparkling tea - which made up a quarter of all sparkling drinks sold.