Home Business News Luxury store Selfridges posts record profit amid online growth

Luxury store Selfridges posts record profit amid online growth

26th Oct 17 11:31 am

Sales increased by 16 per cent to £200m

Luxury department store group Selfridges has posted record growth from its online operations, with profits for the year rising by 18 per cent to £180 million.

The iconic group posted 11th consecutive year of record financial results for the year ending January 28 today. According to the Times, Selfridges saw sales increase by £200m compared to the prior year, up 16 per cent.

The group has attributed its continued financial growth to a £300 million investment programme, which it started three years ago to develop its store’s digital capabilities.

Talking about the online traffic, managing director Anne Pitcher said: “In 2016 we saw fantastic growth across all categories with increased traffic to both our stores and Selfridges.com.”

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

The retailer also opened the first phase of its new Accessories Hall, set to launch the second phase in 2018 making Selfridges the largest luxury accessories destination in the world. Investments have also been made at its Birmingham and Manchester stores in accessories, beauty, fashion and restaurants.

“Having just launched Christmas, where we celebrate the cities we call home, and soon to expand our Accessories Hall, we are well positioned to deliver good growth again for 2017,” Pitcher added.

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