Selfridges’ owner sees losses hit £340m in FY24
However, filings at Companies House show that group sales increased 95% to £1.5bn, compared to £804m the previous year
Selfridges parent company Cambridge Retail Group has suffered losses of £340.3m during the period that ended 3 February 2024.
However, filings at Companies House show that group sales increased 95% to £1.5bn, compared to £804m the previous year.
As well as Selfridges, Cambridge Retail Group includes Shel Holdings Europe in the UK as well as Brown Thomas Arnotts in Ireland and de Bijenkorf in the Netherlands.
The news comes as Selfridges UK itself reported losses of £41.9m during the period, compared to £39.3m the year prior.
The luxury store chain attributed the losses to the application of the accounting standard IFRS 16 “Leases”, which resulted in an increase in depreciation and finance costs.
Revenue for the group also decreased 1% over the period to £834.9m, while operating profit reached £27.7m.
In an official statement, Selfridges directors said: “As the company’s more significant leases are near the start of their lease term, the increases in depreciation and finance costs significantly outweigh the corresponding reduction in rental expenses recognised in the statement of comprehensive income. As the leases move towards the end of their terms these costs will move in the opposite direction, with no overall impact on profit and loss over the life of the leases.”
