Your browser is no longer supported. For the best experience of this website, please upgrade to a newer version or another browser.

Your browser appears to have cookies disabled. For the best experience of this website, please enable cookies in your browser

We'll assume we have your consent to use cookies, for example so you won't need to log in each time you visit our site.
Learn more

Selfridges posts record £150m profit

Selfridges achieved a record £150m operating profit in 2013, a 12.3% increase on the year before, and is accelerating efforts to revamp its stores and improve its multichannel offer.

Gross sales at the company, which has been trading for 105 years, rose 10.4% to £1.2bn during the period, it revealed last weekend.

While the retailer did not split out online and in-store sales, it said the online business continued to “grow rapidly”, helped by the launch of click-and-collect in May 2013 and international delivery the following August. Selfridges now delivers to 60 countries worldwide, including China.

Announcing the results, Selfridges said it was now “accelerating its investment in multichannel” but declined to provide further details.

During 2013, Selfridges invested £50m in revamping the store environment in Oxford Street, which included opening the denim studio, redesigning the men’s designer department and launching men’s personal shopping.

In May 2013, it launched a further £300m development of the Oxford Street flagship, focusing on the Duke Street side.

Selfridges also invested £4m in its menswear offer in Birmingham, which it expects to boost menswear sales by 20%. Previously the menswear labels were spread across several levels, but they now occupy the whole 25,000 sq ft second floor.

Selfridges plans to overhaul every floor of the Birmingham store by 2017, as part of a £20m investment strategy.

Paul Kelly, managing director of Selfridges Group, said: “Selfridges UK has delivered another year of strong progress driven by continuous innovation and investment in our multichannel strategy and retail environment.

“Despite challenging trading conditions in 2014, we are accelerating our investment in multichannel and continuing our £300m redevelopment programme of our Oxford Street store.”

Anne Pitcher, managing director of Selfridges UK, added: “Throughout 2013 and 2014, we have focused on providing an extraordinary experience for our customers in stores and online.

“Christmas 2014 is, of course, our crucial trading period and we have a fantastic product offer and an exciting campaign to ensure Selfridges will be the destination for Christmas.”

The Selfridges Group, which is owned by Canada’s Weston family, includes Selfridges, luxury Irish department store chain Brown Thomas and Canadian department store business Holt Renfrew.

Have your say

You must sign in to make a comment

Please remember that the submission of any material is governed by our Terms and Conditions and by submitting material you confirm your agreement to these Terms and Conditions. Links may be included in your comments but HTML is not permitted.