Record operating profits for Selfridges
International online business boosts revenues
Operating profits increased 12.3% to a record £150m for the year ending December 2013 as sales increased 10.4% to £1.2bn.
The company said it saw growth in all its retail channels. Its online business – in particular, its international delivery arm – performed particularly well after the service was brought to customers in over 60 countries last August.
Selfridges reported rapid online growth following the launch of international delivery in August 2013, which now serves over 60 countries including China.
Record profits mark the tenth anniversary of Canada’s Weston family acquiring the department store chain.
Ongoing investment includes a £40m revamp of its website and the £300m redevelopment programme of the company’s Oxford Street store.
Managing director Paul Kelly said, “Despite challenging trading conditions in 2014 we are accelerating our investment in multi-channel and continuing our £300m redevelopment programme of our Oxford Street store.”