Selfridges’ tills ring with record full-year profits
Selfridges has post record profits of £155m for last year as the upmarket department store chain pushed ahead with its online expansion overseas and expanded its UK stores.
The retailer, which has just unveiled its famous Christmas window displays on Oxford Street – this year inspired by the 12 signs of the zodiac – said sales increased by 4.3 per cent to £1.3bn while operating profits surged by 3.4 per cent on the previous year.
Like many of its retail peers, the company has been broadening its reach outside of the UK and now delivers its luxury wares to customers in 130 countries around the world.
Managing director Paul Kelly said this international delivery service together with its online expansion and further investment into its four British stores helped to boost sales over the year.
The retailer began a £300m revamp of the 106 year-old Oxford Street flagship store earlier this year, which will include a new entrance on the eastern side of the building and 10 per cent more retail space inside the store as staff are moved to new offices nearby.
Its Birmingham store was also given a makeover with a new beauty counter while Selfridges’ shoe department in its Manchester Exchange Square shop was also revamped.
“Selfridges has delivered another record result in 2014/15. We have achieved this by offering our customers a comprehensive fashion and lifestyle destination and a unique shopping experience. Our performance has consolidated our lead and combined with our £300m investment in places Selfridges in the top tier of global luxury retailers,” Kelly said.