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Selfridges posts record profits

Sales and profits at Selfridges have leaped to record highs, boosted by its recent investment programme.

Operating profit jumped 18% year on year to £180m in the year to 28 January, while sales grew by 16% to £1.6bn.

The luxury retailer said the results were boosted by a £300m capital expenditure programme, launched three years ago, which aims to transform its London flagship and digital capabilities. 

It has also opened the first phase of its new accessories hall in its London flagship. The second phase is set to open at the end of November, and the full project is expected to be completed by next summer. 

Selfridges is also continuing to develop its stores in Birmingham and Manchester.

Selfridges managing director Anne Pitcher said the retailer is “well positioned to deliver good growth” for this year, adding: “In 2016 we saw fantastic growth across all categories with increased traffic to both our stores and

“Our success story for last year came from our driving ambition to be creative and courageous, offering customers extraordinary experiences and destinations.”

Selfridges Group managing director Paul Kelly said: “Selfridges has delivered excellent results for 2016/17, achieved by the success of our long-term planning and implementation of an ambitious programme of capital expenditure across all channels and stores. This programme supports our drive to remain at the forefront of global luxury retailing.”

Selfridges last week launched its “With Love From” Christmas campaign, which features 1,000 exclusive products.

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