Selfridges losses more than doubled in its latest annual results, despite witnessing a sales hike.
Filings for Cambridge Retail Group Holding, which is owned by Central Group and Saudi Arabia’s Public Investment Fund, showed pre-tax loss hit £340m for the year to 3 February, compared to £126m losses the year prior.
However, sales soared 95% to £1.6bn for the company, partly due to a rise in its finance bill including interest paid on borrowings.
The parent company said it had slashed 500 jobs during the period, and was now employing roughly 7,300 workers in the group, including across Selfridges, the Brown Thomas and Arnotts brands in Ireland, and De Bijenkorf in the Netherlands.
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In separate UK Selfridges filings, losses widened at the department store to almost £42m over the period, compared to £39.3m the year before.
The group said is was “pleased” with its results, noting it had witnessed “a million more visits” to stores last year.
The results come after Selfridges recently saw its property value plunge by more than £600m as loans loomed.
Valuers cut £638.6m from £3.1bn property assets – including its Oxford Street flagship in London – representing a 20.6% drop.
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