Losses at luxury department store chain Selfridges have been slashed during its latest financial year despite its revenue taking a hit.
The business, which has UK stores in London, Birmingham and two in Manchester, has posted a pre-tax loss of almost £16m for the 48 weeks to 4 January, 2025.
The latest figure comes after Selfridges’ pre-tax loss totalled almost £42m in the prior 12 months.
New accounts filed with Companies House also show its revenue declined from £834.9m to £774.6m.
The accounts of Cambridge Retail Group, which includes Selfridges in the UK, Irish department stores Brown Thomas and Arnotts and De Bijenkorf in the Netherlands, are due to be made public later this week.
The group is owned by Thai conglomerate Central Group and Saudi Arabia’s Public Investment Fund.
In the prior financial year, Cambridge Retail Group, posted a pre-tax loss of £340.3m for the same financial year.
The latest total comes after it reported a loss of £126.2m in its previous year.
However, the accounts also showed that its revenue surged from £804.7m to £1.5bn over the same period.
Selfridges lists challenges it faces
A statement signed off by the board said: “Selfridges’ trade and turnover continued to feel impacts from various economic factors: reduced numbers of international visitors visiting the UK and shopping in Selfridges’ stores, with the ongoing impact of the loss of tax-free shopping for international shoppers, disruption to some supply chains due to worldwide conflicts and shipping route delays, inflation and exchange rate fluctuations, price increases across luxury brands, alongside higher costs of living, high energy costs and other economic conditions impacting customer confidence.”
On its future, Selfridges added: “Future growth is planned to be driven by investment in retail stores and digital channels and through the customer outcomes resulting from the company’s vision and purpose.”
In May 2024, City AM reported that Selfridges was to make around 70 redundancies at its London head office.
In June this year, Selfridges won approval for an in-store private members club and dining room from Westminster Council.
Councillors unanimously approved the proposed changes to the fourth floor of the iconic Oxford Street department store.
The proposal, which was approved with the condition that no music – amplified or otherwise – could be played on the private dining terrace, will see current fourth-floor staff space transformed into a members club and dining terrace for loyal customers.
