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.
More from NEWS
Balmain Beach Club debuts at Neiman Marcus
Neiman Marcus, in partnership with Balmain, is pleased to introduce Balmain Beach Club, an exclusive collection and immersive customer activation in Dallas. …
Swarovski opens new flagship store in Milan, Italy
Swarovski has recently opened in Milan the first flagship store in Italy. Located at 31 Piazza Duomo in Milan the …
Venice Simplon-Orient-Express sails into Venice – La Biennale di Venezia
The legendary Venice Simplon-Orient-Express, A Belmond Train, Europe remakes history by bringingL’Observatoire – a private and exclusive sleeper carriage designed …