Wednesday, August 5, 2020

Selfridges‘ annual profits hit all time high


Less than four weeks away from Black Friday, Selfridges has reported record sales and operating profits. This was driven by the expansion of its online business, which reaches 130 countries in eight currencies, and a boost in personalised services.

The luxury department store retailer, which trades from four glitzy shops in the UK, saw operating profits increase 4% to £155m for the 12 months to the end of January 2015, while gross sales were up 4% to £1.3bn.

According to the British retailer, these figures were helped by an increased demand for personalised items. The group, owned by British-Canadian billionaire Galen Weston, currently offers personalisation on a range of products from baby pyjamas to Christmas baubles.

The 116 year-old business cited that its performance last year had been “underpinned” by the development of its online service and to its strategy of offering luxury fashion brands.

While e-commerce business is booming, Selfridges is still pulling all the stops for its physical presence. Renown for in-store retail theatre, the group is spending £300m as part of a five-year investment to overhaul its flagship London branch and improve its appeal as a destination for shopping.

“Our performance [in 2014] has consolidated our lead and combined with our £300m investment places Selfridges in the top tier of global luxury retailing,” said Paul Kelly, Group Managing Director.

“We are delighted to have delivered record results in 2014/15, a year when we focused our attention on providing an extraordinary shopping experience for our customers, however they chose to shop with us,” added Selfridges‘ MD, Anne Pitcher. “We are confident that our strategy in the coming year will firmly reinforce Selfridges‘ position at the forefront of fashion and provide great opportunities for the many incredible brands that we partner with.”




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