Selfridges narrowed its losses last year thanks to a rebound in sales returning to near pre-pandemic levels.
The department store retailer posted an operating profit of £38.9m for the 12 months to January 2023, down from a £38.1m loss the year before, according to accounts filed on Companies House.
However, when taking into account a surge in debt interest costs, the retailer lost £38m for the year, down from the £83.9m loss.
Selfridges said it was hit by rising costs across its distribution and interest payments, with its interest expense on lease liabilities reaching almost £100m last year.
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Meanwhile, sales rose nearly 30% to £843m nearing its pre-pandemic level.
Selfridges attributed the boost to more shoppers visiting its Manchester Exchange Square and Oxford Street stores.
The retailer said its future growth was planned to be driven by investment across its digital channels and stores.
The news follows Selfridges making staff cuts across some of its shops and head office in August, under an “efficiency restructure”.
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