Selfridges has announced record annual profits as it embarks on a £300m redevelopment of its Oxford Street flagship.
Gross sales for the year were up 4.3% to £1.3bn, while operating profit was up 3.4% to £155m for the year.
During the year the retailer started work on its Oxford Street store. The £300m redevelopment will be phased over three years, and the first areas are due to open in spring 2016.
Paul Kelly, managing director of Selfridges Group, said: “We have achieved this [result] 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, places Selfridges in the top tier of global luxury retailing”.
Anne Pitcher, managing director of Selfridges, added: “We focused our attention on providing an extraordinary shopping experience for our customers, however they chose to shop with us.
”We are confident that our strategy in the coming year will firmly reinforce Selfridges position at the forefront of fashion and provide great opportunities for the many incredible brands that we partner with.”
Selfridges has just launched its “Journey to the Stars” Christmas programme across all its stores and online.