- Prachi Singh |
For the year ending February 3, 2018, Selfridges recorded sales of over 1.75 billion pounds (2.28 billion dollars), up 11.5 percent and increase in operating profit to 181 million pounds (235.7 million dollars). The company said, sales and operating profit growth were delivered against a challenging retail backdrop, and continuing major investment across the business, in both its stores and digital platforms.
Commenting on the company’s performance, Paul Kelly, Managing Director Selfridges Group said in a statement: "Selfridges has delivered another excellent performance in 2017/18, and we have continued our ambitious programme of capital expenditure across all channels and stores. Significant investment, long-term planning and successful implementation remain the key elements in our drive to remain at the forefront of global luxury retailing”.
Review of Selfridge’s full year results
The company added that among the product categories, accessories has been the major highlight, reflected in the completion of its new Accessories Hall in London and the opening of major boutiques, such as Louis Vuitton and Tiffany in its Birmingham store. Also, there was strong growth in digital, supported by significant investment in its Chinese language transactional website, an android app, and a UK and international delivery proposition, through its Selfridges Plus subscription service.
This year Selfridges is planning further development of its digital capabilities and the completion of a four-year long 300 million pounds capital expenditure programme, which has already transformed the London store. This includes a new triple height entrance on Duke Street, linking the historic 1909 building and the 1930s extension. Selfridges said, the London store also now boasts the largest destination for luxury accessories in the world, housed within its new 60,000 sq ft Accessories Hall and completed by the opening, this August, of a new eyewear destination, offering the largest selection in the UK.
“We are delighted to deliver such fantastic results, despite difficult retail conditions and consumer confidence uncertainties. We are optimistic for further growth in 2018, with more new openings and all to play for in the run up to Christmas - where you can expect the unexpected,” added Anne Pitcher, Managing Director Selfridges.
Picture:Selfridges via FashionUnited