Investments in experiences and a regeneration of the Oxford Street flagship store have driven a 6% increase in sales at luxury department store Selfridges, to £1.85bn for the year to February.
However, as a result of extensive investment in the store, operating profits slipped from £175m in 2018 to £170m .
Over the past year the retailer has unveiled a new menswear floor complete with indoor skating bowl, which followed the revamp of its accessories hall, which opened in 2018. A new restaurant – The Brasserie of Light – also opened in the store during the past year.
The business said further sales growth was fuelled by its ongoing investment in digital across its website, Android app, Chinese language website and delivery proposition through the Selfridges Plus subscription service.
Anne Pitcher, managing director of the Selfridges Group – which also comprises Brown Thomas, Arnotts, Holt Renfrew and de Bijenkorf – said the group would “strive to remain at the forefront of experiences as we disrupt and reimagine the world of retail”.
Last month this experimentation continued as Selfridges announced that a three-screen cinema would be opening in the London store in November 2019.
In total, £300m has been pledged to revamp the Oxford Street store over the next three years.
Selfridges said it will continue to drive sustainability through its Buying Better/ Inspiring Change plan. The company removed all single-use plastic carbonated drinks from its stores by the end of 2018, is a signatory of the G7 Fashion Pact as of July 2019 and from February 2020 Selfridges will no longer sell exotic skins.
Simon Forster, managing director of Selfridges, said: “Selfridges is the ultimate British department store. We are a global brand investing in our stores and digital to share our customer experience and innovation. Our results demonstrate strong sales and profits and we are confident that the launch of our Cinema, Toy Store and Christmas theme, Future Fantasy, will support further growth through 2019.”