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Selfridges posts uplift in full year sales

Selfridges has posted a 28% increase in full year sales after it benefited from a return to normal shopping patterns following the easing of pandemic restrictions…. View Article

DEPARTMENT STORE NEWS

Selfridges posts uplift in full year sales

Selfridges has posted a 28% increase in full year sales after it benefited from a return to normal shopping patterns following the easing of pandemic restrictions.

In the year to 29 January 2022, sales rose to £653.4 million from £508.5 million in the prior 12-month period. The department store also saw its operating loss reduce to £38.1 million from £136.9 million a year earlier.

Selfridges said store closures at the beginning of 2021 had impacted its profitability. However, a subsequent increase in international tourists and the return of normal shopping patterns led to an improvement.

The company said in its financial statement: “Despite the challenges, Selfridges is set up for a long and sustainable future.”

Selfridges currently operates UK stores in London, Manchester and Birmingham.

Previously owned by the Weston family, Selfridges was acquired last year by Central, a family-owned Thai retail group, and the Austrian Signa real estate company.

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