Selfridges Sees Sales Surge 16% in Fiscal 2016-17
LONDON – Selfridges saw sales surge 16 percent in fiscal 2016-17 to 1.6 billion pounds, boosted by an expanded accessories hall and by Selfridges.com, which the retailer said exceeded expectations in the fiscal year ended January 28, 2017.
The privately held Selfridges said that operating profit climbed 18 percent to 180 million pounds year-on-year.
Paul Kelly, managing director of Selfridges Group, said the results came from the “success of our long-term planning, and implementation of an ambitious program of capital expenditure across all channels and stores.”
As reported, Selfridges is three years into a 300 million pound capital expenditure program, which has seen investment in the e-commerce site and the opening of phase one of its new accessories hall, with the second phase set to open at the end of November.
The full job will be completed in summer 2018, and Selfridges said the refurbished, expanded halls will become the largest destination for luxury accessories in the world.
The company said that more than 200 million pounds of additional sales were generated in 2016-17 from the e-commerce site, from newly refurbished spaces at the Birmingham and Manchester stores and from the bigger London store.
Anne Pitcher, Selfridges’ managing director, said there was growth across all product categories as well as increased traffic to Selfridges.com. Growth also came from “offering customers extraordinary experiences and destinations” and said the store is poised to deliver increased sales in 2017.
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