Department store enjoys a record year

Selfridges has posted record results
Selfridges has posted record results

Sales at Selfridges reached £1.75bn in another record year for the retailer despite a “challenging retail backdrop”.

The department store posted an 11.5 per cent increase in sales for the year to February 3 2018. Operating profit rose to £181m.

Selfridges put the performance down to strong growth in accessories after the opening of notable luxury brands Louis Vuitton and Tiffany in its Birmingham store.

The revamp of its London store, which included the addition of a dedicated “accessories hall”, also boosted sales.

It marks the fifth year running of record results for the company. It also comes amid distress signals from fellow department stores House of Fraser’s collapse in August and John Lewis’s profit fall.

Selfridges managing director Anne Pitcher said: “We are delighted to deliver such fantastic results, despite difficult retail conditions and consumer confidence uncertainties.”