// 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.
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.