Selfridges revenue drops 40% after store closures

The group said it was largely impacted by the store closures
// Selfridges revenue drops after pandemic impacts trading
// 14% of its staff were impacted by redundancy over the year to January 2021

Selfridges has revealed that its revenue has spiralled after Covid-19 hit trading.

The department store chain, which operates its retail business through four Selfridges flagships in the UK as well as its website and app, saw sales plunge by 40% to £508.5 million in the 52 weeks to 30 January 2021.

The group said it was largely impacted by store closures at different times during the course of the year.

READ MORE: Will Selfridges’ new luxury hotel plans bring back UK tourists?

Selfridges reported an operating loss of £136.7 million in the same period, compared to an operating profit of £113.8 million in the previous year.

The company also posted a pre-tax loss of £217.2 million, compared to a profit of £34 million in the year ending 1 February 2020, and a net loss of £163.2 million.

Selfridges said that costs were carefully monitored and decisions were taken to delay capital investment projects to manage its financial risks.

The department store said that 14% of its staff were impacted by redundancy, with 496 jobs cut by 9 October 2020.

Selfridges was sold to Austrian real estate group Signa and Thai retailer Central Group for £4 billion in December by the Weston family, which had owned the department store group since 2003.

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