Selfridges sees record profits of £180m and online sales up


People carrying Selfridges' shopping bagsJOHN STILLWELL/PA

Selfridges communicated it continued to develop its bricks-and-mortar outlets in Birmingham and Manchester

The retailer revealed operating profits rose to £180 million in the year to January 28, while transactions increased by £200 million or 16 per cent to £1.6 billion.

It tokens a turnaround from a year earlier, when it reported a 1.9 per cent deficient in operating profit to £152 million despite a 5 per cent jump in revolting sales to £1.4 billion.

The most recent results were hustled by “strong growth” across the business, while the “overall performance” of well-versed “above expected growth”.

The company said it continued to develop its bricks-and-mortar releases in Birmingham and Manchester and is now three years into a £300 million principal expenditure programme meant to “transform” its London store and digital gifts.  

Selfridges is set to complete a new Accessories Hall in the capital by summer 2018, in what it claims at ones desire be the largest site for luxury accessories across the world.

Group be in charge of director Paul Kelly said: “Selfridges has delivered excellent sequels for 2016/17, achieved by the success of our long-term planning and implementation of an ambitious radio of capital expenditure across all channels and stores.

“This programme bears our drive to remain at the forefront of global luxury retailing.”

It remains to be seen whether Selfridges can maintain up the momentum as official figures point to a slowdown in consumer spending across the UK in the brass of rising prices.

Inflation has surged to 3 per cent on the back of the Brexit-hit pounding, which has made input costs more expensive for businesses that deliver started to try recoup costs with higher prices at the till. 

Selfridges shop's entranceGETTY

Selfridges has recently uncovered its Christmas window display to get shopper into the festive spirit

The Advocacy for National Statistics released data earlier this month pretentiousness a sharp and unexpected fall of 0.8 per cent in retail sales in September, backward a surge in August.

Non-food stores had the biggest impact on the drop, and, while bulks rose 1.2 per cent year on year, it marked a slowdown from 2.3 per cent a month at the cracker.

Selfridges recently unveiled its Christmas window displays, in the hope of manoeuvre shoppers into the festive spirit more than two months preceding the time when the big day.

Selfridges claims the pre-Halloween launch is a first for any department store worldwide but it get almost three months after it opened its Christmas store, which finished criticism from some shoppers.

Anne Pitcher, the department cooperative store’s managing director, said: “Having just launched Christmas, where we glorify the cities we call home, and soon to expand our Accessories Hall, we are proficiently positioned to deliver good growth again for 2017”. 

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