Fenwick also posted a pre-tax loss of £22m in the year to the end of January, down from a loss of £35m in the previous year. Fenwick hailed its progress “despite continued challenging retail conditions” amid the “successful completion of the first year of the group’s strategy to return the business to sustainable profitability”. Fenwick chair Sian Westerman told the newspaper that Fenwick’s most recent results “demonstrate our strategy is delivering”. Fenwick’s latest accounts also show that the business is operating with a debt-free balance sheet and cash reserves of £63.4m. To date, Fenwick operates eight stores, including Newcastle, Kingston upon Thames, Brent Cross, York, Canterbury, Colchester, Tunbridge Wells and Bracknell, alongside its online business.