Miss Selfridge swings to £17.5m loss in 2018

Fashion retailer Miss Selfridge has reported a £17.5m loss for the year ending 1 September 2018.

According to The Guardian, losses widened following more than £12m in one-off costs, mainly related to writedowns and redundancies.

Sales also fell by 15% to £102m during the period, and the number of retail staff working at UK stores fell by 300 to 1,118 during the year.

Arcadia, which owns the fashion retailer, said it plans to move a large proportion of Miss Selfridge’s operations online as part of its restructuring plans.

In March, Arcadia listed 67 stores it wishes to close across all of its brands which included Burton, Topshop, Evans, Dorothy Perkins, Miss Selfridge and Wallis outlets.

The stores marked for closures have been put to potential occupiers, suggesting they are in attractive retail locations and could be easily reassigned.