Selfridges narrows losses as sales rise

Selfridges Retail Limited has reported narrowing losses in its most recent filings for the year ended January as shoppers flocked to physical stores.

The company, which operates four stores in the UK as well as an online store, reported a 29 percent increase in revenue to 843.7 million pounds in the 12 months to January 28.

It said the robust growth was driven by “strong” footfall across its physical locations, particularly at its iconic Oxford Street flagship in London as well as its Exchange Square location in Manchester.

The company’s net loss for the year narrowed significantly to 38.3 million pounds from 83.9 million pounds the prior year. Meanwhile, it swung to an operating profit of 38.9 million pounds from a loss of 38.1 million pounds.

The improved top and bottom line will come as welcome news to the retailer which has been hit hard in recent years by multiple lockdowns and the temporary suspension of international travel brought about by the pandemic. Selfridges relies significantly on deep-pocketed tourists visiting its physical stores.

In August 2022, Selfridges was bought by a consortium comprising Thailand’s Central Group and Austrian-based property company Signa Group in a deal reported to be worth 4 billion pounds.

The deal included Selfridges’ European retail businesses in the UK, Ireland, and the Netherlands, including the indirect parent of the company, SHEL Holdings Europe Limited.