Selfridges losses narrow as consumers return to department stores
As the company’s net loss for the year narrowed, it benefited from an operating profit of £38.9m from a loss of £38.1m in 2022
Selfridges has revealed that losses at the company have narrowed for the year ended 28 January 2023 to £38.3m, down from £83.9m the previous year, as consumers made more trips to the department stores.
As a result, the company, which operates four stores in the UK and an online store, reported a 29% increase in revenues to £843.7m in the year to January 2023.
The retailer attributed this “robust” growth to strong footfall across its physical locations, particularly at its Oxford Street flagship in London, as well as its Exchange Square location in Manchester.
As the company’s net loss for the year narrowed, it benefited from an operating profit of £38.9m from a loss of £38.1m in 2022, according to recent documents that have been filed on Companies House.
The improved figures follow a hard period for the luxury retailer. Due to lockdown restrictions and temporary suspension of international travel, Selfridges had been unable to trade to affluent tourists visiting brick-and-mortar stores.
In August 2022, Selfridges was bought by a consortium comprising Thailand’s Central Group and Austrian-based property company Signa Group in a deal reported to be worth £4bn.
The deal included Selfridges’ European retail businesses in the UK, Ireland, and the Netherlands, including the indirect parent of the company, SHEL Holdings Europe Limited.