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Selfridges Makes Progress: Reduces Losses As Sales Stages a Recovery

Image Source: olesea vetrila / Shutterstock

Selfridges saw a decrease in its losses last year, as sales began to rebound and approach pre-pandemic levels.

According to accounts filed on Companies House, the department store retailer reported an operating profit of £38.9 million for the 12 months ending in January 2023, compared to a loss of £38.1 million in the previous year.

However, after factoring in an increase in debt interest costs, the retailer still experienced a loss of £38 million for the year, although this was an improvement from the £83.9 million loss previously.

Meanwhile, sales increased by nearly 30% to £843 million, approaching pre-pandemic levels.

Selfridges attributed this growth to more customers visiting its Manchester Exchange Square and Oxford Street stores.

The retailer revealed that its future expansion would be driven by investments in its digital channels and physical stores.

This news comes after Selfridges implemented staff reductions in certain locations and its head office in August, as part of an “efficiency restructure”.

Image Source: olesea vetrila / Shutterstock

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