It has been reported that department store Selfridges, has seen its operating profits increase 3.4% to £155 million for the year ending January 2015, with a solid online performance.
The British-Canadian businessman Galen Weston, who now owns all its stores, has said that in addition to the increase in operating profits, gross sales rose 4.3% to £1.3 billion.
As well as strong online performances, Selfridges Oxford Street has begun a £300 million refurbishment which will take around three years to finish, Birmingham has opened a new beauty hall and Exchange Square in Manchester has added more luxury designers, including Christian Louboutin.
Group managing director, Paul Kelly, said: “Our performance [in 2014] has consolidated our lead and combined with our £300m investment places Selfridges in the top tier of global luxury retailing.”
Selfridges’ managing director, Anne Pitcher, added: “We are delighted to have delivered record results in 2014/15, a year when we focused our attention on providing an extraordinary shopping experience for our customers, however they chose to shop with us. We are confident that our strategy in the coming year will firmly reinforce Selfridges’ position at the forefront of fashion and provide great opportunities for the many incredible brands that we partner with.”
