- Operating profits rise to £155m
- Sales increase to £1.3bn
- £300m investment in flagship store under way
Department store business Selfridges has posted record annual profits and expects continued strong performance as it overhauls its flagship store.
Selfridges, which trades from four shops including its Oxford Street flagship and sells online, generated a 3.4% increase in operating profits to £155m in the year ending January 2015.
Sales in the year advanced 4.3% to £1.3bn.
Selfridges reported that the performance was “underpinned by an enhanced multichannel offering, which now trades in eight currencies and delivers to more than 130 countries worldwide”.
Last year Selfridges started a £300m investment programme in Oxford Street, which will continue over the Next three years.
Selfridges Group chief executive Paul Kelly said of last year’s performance: “We achieved this by offering our customers a comprehensive fashion and lifestyle destination and a unique shopping experience.
“Our performance 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 said last year was one in which “we focussed our attention on providing an extraordinary shopping experience for our customers, however they chose to shop with us”.
She said: “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 brands that we partner with.”
As well as improving the London stores, Selfridges has enhanced its regional branches.
A new beauty hall was opened in Birmingham while at Manchester’s Exchange Square shop the only Christian Louboutin store outside London has been opened.