Selfridges has had yet another good year with the luxury department stores operator turning in record results for the 12 months to January.
Being a privately-held company, the results are short on detail, but they underline the strength of UK luxury retail in recent periods as the pound?s weakness has driven a tourist spending boom.
So, back with the firm?s record figures, that record didn?t just mean sales and profits up by a few percentage points. Instead, sales rose a hefty 16% (or over £200 million) to reach £1.6 billion, and the company reported a record £180 million in operating profit, up 18% on the previous year.
The business has invested heavily to achieve this impressive performance. It is currently three years into a £300 million capex programme which will transform its London store and digital capabilities. The first results from this have clearly driven the record performance and it has seen strong growth from its investment in Selfridges.com and the opening of the first phase of its new Accessories Hall. The second phase of the accessories strategy opens next month and the third next summer with the company saying that the completed offer will make it the largest destination for luxury accessories in the world.
But back with its latest financial year, the firm said its website enjoyed above-expectations growth as its offer resonated in the 130 countries in which it?s available.
And while the London flagship was a key focus, its regional locations weren?t ...