// Selfridges sales recover despite lower footfall levels at London flagship store
// The luxury department store reported an increase in full-year sales of 28% to £653.4m
Selfridges has seen sales recover after being snapped up by Thai retail conglomerate Central Group and Austria’s Signa Holding.
The luxury department store reported an increase in full-year sales of 28% to £653.4 million, up from £508.5 million the year before.
In the 52 weeks to 29 January 2022, operating loss also fell from £136.9 million to £38.1 million.
However, the retailer’s flagship store on London’s Oxford Street is continuing to suffer from lower footfall levels versus pre-Covid.
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Selfridges said store closures at the beginning of 2021 due to Covid “adversely impacted the company’s profitability”.
However, the end of lockdowns and a return of normal shopping patterns, including an increase in international tourists, helped boost its revenues.
By taking a number of steps to strengthen its balance sheet, such as running a share capital reduction and making internal changes to corporate structure prior to the acquisition, it was still able to pay a dividend of £80 million (representing 14p per 20p ordinary share).
“Despite the challenges, Selfridges is set up for a long and sustainable future,” the retailer said.
