British Retail Giant Selfridges Posts Sixth Straight Year of Positive Sales
Selfridges is seeing the investment in its ambitious store revamp start to pay back.
The company reported sales reached 1.85 billion pounds ($2.258 billion) for the year ending February 2019, up 6% from the previous year. This is the sixth year in a row the British department store posted positive revenue growth.
Operating profits totaled 170 million pounds ($207 million), which was “slightly down on the previous year” due to continued investment across the business, including a new, modernized office space above its Oxford Street flagship and a permanent cinema.
The focus on bolstering its accessories department last summer, which spans 60,000 square feet and is billed as the largest luxury accessories hall in the world, was a key growth driver, according to the company. This is largely thanks to the debut of a men’s streetwear room, complete with a skate bowl. The company also highlighted investment in digital, with a new Chinese-language website and Android app.
“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,” said Simon Forster, the retailer’s managing director.
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In-store experiences and sustainable initiatives will be at the core of Selfridges’ strategy over the coming year as it looks to drive further growth.
“Into 2019 and beyond, we will strive to remain at the forefront of experiences as we disrupt and reimagine the world of retail, where sustainability and creativity are at its heart,” said Anne Pitcher, managing director of the Selfridges Group, pointing to initiatives like the ban of exotic skins and all single-use plastic carbonated drinks containers from its stores.
This story was reported by WWD and originally appeared on WWD.com.
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