Selfridges full year profits down 1.9%
Luxury department store Selfridges saw its full year profits slide in the 12 months to January 31 hurt by a company-wide investment programme.
According to The Times, the retailer reported a 1.9% fall in operating profits to £152 million, despite gross sales rising 5% in the period to £1.14 billion.
The investment marked an “unprecedented level of capital expenditure”, said the company.
According to reports, spending grew among both overseas and domestic customers, however the UK continues to be the largest market for the company accounting for 70% of sales.
The strong trading performance helped the retailer deliver the tenth consecutive year of record sales. Selfridges’ stores and online sites are visited by over 2 million shoppers every year.