11 October 2023 , 12:27
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Despite the ongoing cost-of-living crisis, Selfridges has reported a surge in revenues and reduced losses in its previous financial year, according to recently filed accounts.
The historic retailer, which operates as Selfridges & Co across its four large department stores and online business, recorded a 29% increase in revenue to £843.7 million for the year ending January 28, compared with the previous year.
The company, established in 1909, had been significantly impacted by the pandemic and travel restrictions in the prior year. In the latest accounts, Selfridges acknowledged some continued impact from the pandemic, including the spread of the Omicron Covid-19 variant and restrictions for Chinese travellers.
It also noted "some supply chain disruption continuing into the year", which it attributed in part to Brexit-related rules. Improved trading over the year was "driven by strong footfall and sales" through the company's physical stores, particularly Oxford Street in London and Exchange Square in Manchester.
Meanwhile, Selfridges posted a pre-tax loss of £37.9 million for the year, a significant reduction from a £121.5 million loss a year earlier.
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The company attributed the loss to the implementation of the new IFRS 16 accounting standard, which it stated had a negative impact worth £69.5 million.
This marked the first year of trading following the acquisition of the retail group in an approximately £4 billion deal by a consortium of Thai and Austrian billionaires.
In December 2021, Central Group, under the control of the Thai Chirathivat family, and Austrian real estate experts Signa Group agreed to assume control of Selfridges in a 50-50 joint venture, concluding almost two decades of ownership by the billionaire Weston family.
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