Selfridges unveils record results, with strong online growth

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Selfridges unveils record results, with strong online growth

02 October  2018 by Chloe Rigby

 

Selfridges this week pointed to strong growth in digital as it unveiled record results for the fifth year in a row. It said it would continue to invest both online and in-store as it plans for the future.

 

The upmarket department store, a Top100 trader in IRUK Top500 research, reported sales of £1.75bn – 11.5% up on the same time last year, while operating profits rose to £181m.

 

Selfridges said the growth came against a challenging retail backdrop. Investment in store included the opening of its new Accessories Hall in London and, in Birmingham, the opening of in-store boutiques such as Louis Vuitton and Tiffany.

 

In digital, the retailer launched an android app, invested in its Chinese language transactional website and improved its UK and international delivery offer through its Selfridges Plus subscription service.

 

Paul Kelly, managing director, Selfridges Group, said: “Selfridges has delivered another excellent performance in 2017/18 and we have continued our ambitious programme of capital expenditure across all channels and stores.”

 

He added: “Significant investment, long-term planning and successful implementation remain the key elements in our drive to remain at the forefront of global luxury retailing.”

 

Selfridges now plans to continue its investment in digital, while also completing a £300m programme of investment in its London store that has lasted for four years and has seen a new triple height entrance that links the original 1909 building with the 1930s extension.

 

Ann Pitcher, managing director, Selfridges, said: “We are delighted to deliver such fantastic results, despite difficult retail conditions and consumer confidence uncertainties. We continue to challenge ourselves to be daring in all aspects of our global strategy and to present extraordinary destinations for our customers. We are optimistic for further growth in 2018, with more new openings and all to play for in the run up to Christmas – where you can expect the unexpected.”

 

Selfridges trades from four stores, in London, Birmingham and two in Manchester, as well as online. Its website delivers to more than 130 countries.

 

Image courtesy of Selfridges

Original source: InternetRetailing

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