IN BLOOM: Selfridges said Sunday that sales in the 2013 fiscal year, which ended January 31, 2014, hit 1.2 billion pounds, or $1.87 billion, a 10.4 percent gain on the previous year, while operating profit reached 150 million pounds, or $234 million, an increase of 12.3 percent. All figures have been converted at average exchange rates for the 12-month period. Selfridges is a privately-owned company, and released partial results on Sunday. All retail channels saw year-on-year growth, the store added.
Paul Kelly, the store’s managing director, said that despite “challenging” trading conditions in 2014, the store was accelerating investment in its multi-channel strategy and forging ahead with its redevelopment of the Oxford Street store. Selfridges has commissioned David Chipperfield Architects to redesign the east side of its store in London, as part of a 300 million pounds, or $480 million, redevelopment that started at the end of June and should be completed in 2019. The retailer plans to double the size of its luxury accessories department, creating what it expects to be the world’s largest offering of accessories for men and women.