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Selfridges reports strong profit growth in FY15

Business |REPORT

Selfridges reports strong profit growth in FY15

By Prachi Singh

2 Nov 2015

The department store group Selfridges has reported record profits for year ending January 2015. The company reported gross sales of 1.8 billion euros (1.9 billion dollars), up 4.3 percent and a record 217 million euros (239 million dollars) in operating profit, up 7 million euros (7.7 million dollars) or 3.4 percent against the last fiscal year. The company said that its positive results were driven by an enhanced multi-channel offering which caters to more than 130 countries worldwide.

Commenting on the annual performance, Paul Kelly, Managing Director of Selfridges Group said, "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 421 million euros (464 million dollars) investment places Selfridges in the top tier of global luxury retailing".

The group, now owned by British-Canadian businessman Galen Weston having stores in London’s Oxford Street, Birmingham and Manchester, said that while it has undertaken renovation of its Oxford Street store, the company also opened a new beauty hall in Birmingham and expanded its luxury offerings by adding more designers such as Christian Louboutin, to its Exchange Square store in Manchester.