PA) Selfridges is celebrating record full-year earnings which leapt 18% amid surprise growth from its online operations.
The retailer said operating profits rose to £180m in the year to January 28, while sales increased by £200m or 16% to £1.6bn.
It marks a turnaround from a year earlier, when it reported a 1.9% fall in operating profit to £152m despite a 5% jump in gross sales to £1.4bn.
The most recent results were driven by “strong growth” across the business, while the “overall performance” of Selfridges.com experienced “above expected growth”.
New retail outlets
The company said it continued to develop its bricks-and-mortar outlets in Birmingham and Manchester and is now three years into a £300m capital expenditure programme meant to “transform” its London store and digital offerings.
Selfridges is set to complete a new accessories hall in the capital by summer 2018, in what it claims will be the largest site for luxury accessories across the world.
Group managing director Paul Kelly said: “Selfridges has delivered excellent results for 2016/17, achieved by the success of our long-term planning and implementation of an ambitious programme of capital expenditure across all channels and stores.
‘Forefront of global luxury retailing’
“This programme supports our drive to remain at the forefront of global luxury retailing.”