Selfridges full-year profits hit by Body Studio revamp

Selfridges launches the Body Studio on Oxford Street.

Selfridges has recorded a slump in full-year profits after investing heavily into revamping its Oxford Street store.

The high street retailer said operating profits for the financial year ending January 31 declined 1.9% to £152mn. However, the department store reported a 5% rise in sales to £1.4bn.

It has attributed the fall in profits to a £300mn investment into its London flagship and omnichannel capabilities, stating that the project is already two years in progress and has taken an “unprecedented level of investment.”

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As part of the revamp, Selfridges launched the 37,000ft2 Body Study on April 4, revealing a ground-breaking retail concept showcasing women’s bodywear categories within the single largest space ever opened by the retailer.

The transformation, which also includes the launch of a new Accessories Hall, is set to be completed by spring 2018.

Selfridges managing director Anne Pitcher said: “We are delighted with our performance in 2015/16, in what was a challenging market. Our strategy of investing in continual innovation in our stores and across our omnichannel offer will ensure customers can shop with us even more seamlessly than ever before.”

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