Selfridges sales jump 11.5% to more than £1.75bn following a £300m investment strategy.
The high-end retailer revealed record financial results for the year ending 3 February 2018. Selfridges saw operating profit rise to £181m, beating records for the fifth year in a row.
The posted figures buck the trend of the otherwise beleaguered department store sector, and offer a beacon of hope. Selfridges is doing something right in the middle of a challenging retail landscape. So what’s the secret?
Selfridges managing director Anne Pitcher said: “All our stores did well as more people than ever before visited them, and we have recorded outstanding growth in our digital business.
“I think this is testament to the amount of focus we pay to experiences in our stores and how we engage with our customers.”
Commenting on business performance, Paul Kelly, managing director of the Selfridges Group, said: “Selfridges has delivered another excellent performance in 2017/18, and we have continued our ambitious programme of capital expenditure across all channels and stores.
“Selfridges has once again been voted by its peers the Leading Luxury Department Store in the World in 2018. Significant investment, long-term planning and successful implementation remain the key elements in our drive to remain at the forefront of global luxury retailing.”
The company’s investment strategy has clearly paid off. In August the retailer opened a brand new 60,000 sq. ft Accessories Hall at its Oxford Street flagship, and added a new triple height entrance on Duke Street.
The store has been developing its digital and online offering, another important contributing factor in the company’s record-breaking sales figures.
Anne Pitcher continued: “We are delighted to deliver such fantastic results, despite difficult retail conditions and consumer confidence uncertainties.
“We continue to challenge ourselves to be daring in all aspects of our global strategy and to present extraordinary destinations for our customers.
“We are optimistic for further growth in 2018, with more new openings and all to play for in the run up to Christmas - where you can expect the unexpected.”