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Department store Fenwick has recorded a significant profits slump amid the "tough retail trading environment".
The upmarket retailer, which has stores in Canterbury and Tunbridge Wells, has posted a pre-tax drop of £44.2 million from the previous year.
Despite the lower figures, the firm states it is "optimistic" about the future.
The £44.2 million loss relates to the 52 weeks prior to January 25 this year.
Previous figures stood at a £2 million profit.
Gross sales have dropped by 13.6% to £355 million, while year-on-year sales have fallen by 15.8%.
A company statement reads: "As anticipated, our full-year results reflect the tough retail trading environment in which all high street stores are operating, and also the investments we’re making to transform Fenwick, to set us firmly on the path to future sustainable and profitable growth.
"We remain in a strong financial position, owning the majority of our properties and with a strong balance sheet..." - Fenwick statement
"One year into our three-year transformation programme, we are making great progress in modernising the business in ways that will reduce costs, and improve the customer experience in-store and online, where we are heavily investing and see real potential.
"We remain in a strong financial position, owning the majority of our properties and with a strong balance sheet.
"We’re optimistic about what the future holds for Fenwick."
Earlier this month, Fenwick bosses said they were committed to keeping the Canterbury department store open despite putting their city warehouse up for sale.
The large storeroom on the Wincheap Industrial Estate has now closed its shutters for the final time two months ago and is up on the market for £130,000 per year.
Last year, a total of 25 employees at the city store lost their jobs as part of nationwide cuts which saw 408 employees take redundancy.
This half-term there will be free, Halloween-themed face painting workshops in the shop.
Fenwick, which was founded in 1882, has nine stores in the UK. It reports that net assets have reached £541 million and there has no debts.
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