Selfridges posts record profit growth

Selfridges has recorded its highest profit growth in its 105-year history, as it rolls out its store investment programme.

The retailer reported operating profits of £150m for the year to December 2013, up 12.3% on last year. Gross sales at the department store went up by 10.4% to £1.2bn.

The news follows the retailer’s announcement in May that it would splash £300m on revamping its flagship Oxford Street store.

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The luxury department store said it would also invest £20m in a major refit at its landmark Bullring store in Birmingham.

“Selfridges UK has delivered another year of strong progress driven by continuous innovation and investment in our multichannel strategy and retail environment. Despite challenging trading conditions in 2014, we are accelerating our investment in multichannel and continuing our £300m redevelopment programme of our Oxford Street store,” said Selfridges managing director Paul Kelly.

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