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Selfridges owners earn 38.5 mn pounds in dividends

Selfridges-owner Galen Weston and his family got 38.5million pounds (50 million dollars) in dividends with the department store chain reporting record sales results for the year to January 28, 2017, reports Drapers quoting a report in The Mail on Sunday. The company saw its operating profit increase 18 percent to 180 million pounds (235 million dollars), while sales rose 16 percent to 1.6 billion pounds (2.1 billion dollars).

Meanwhile, a 38 percent jump in sales to 199.7 million pounds (261 million dollars) at Arnotts and Brown Thomas boosted the parent company Selfridges' operating profits to 11.3 million pounds (14.8 million dollars) in Ireland in the year to January 2017, says The Times. The company paid an interim dividend of 13.2 million pounds (17.3 million dollars) in April 2016 and 38.5 million pounds (50 million dollars) this year.

Quoting accounts filed for the family’s holding company, Shel Holdings Europe, the report added that this is the first contribution of Arnotts and Brown Thomas to Selfridges’ profit, which invested around 15.5 million pounds (20 million dollars) into its Irish stores.

Picture:Selfridges website