Selfridges has posted a rise in revenue that it credited to shoppers returning to its London and Manchester stores.
The luxury department store chain posted a 29% increase in revenue to £843.7m in the 52 weeks to January 28.
Losses before tax narrowed to £37.9m in this period from £121.5m last year, while it recorded an operating profit of £38.9m.
It said the improved financial performance was “driven by strong footfall and sales through the company’s physical stores, particularly Oxford Street in London and Exchange Square in Manchester”.
Selfridges said future growth is planned for its brand, which will be driven by “investment in retail stores and digital channels”.
It added that directors have “prepared, reviewed and stress-tested forecasts” that include a “severe but plausible downside scenario” where revenue is consistent with those generated in the year up to January 2023 due to impacts from the omicron variant of Covid-19 and low levels of international tourism.
Selfridges said its directors will continue to “adopt the going concern basis in preparing the financial statements for the company”.
Related Companies
- Previous
- Next
No comments yet