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Selfridges Moves Forward: Cuts Losses While Sales Show a Recovery

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Selfridges Moves Forward: Cuts Losses While Sales Show a Recovery

Selfridges observed a reduction in its deficits last year, as sales started to recover and approach levels from before the pandemic.

As per records submitted to Companies House, the retail giant reported an operational gain of £38.9 million for the 12-month period ending in January 2023, in contrast to a £38.1 million shortfall in the preceding year.

Despite an uptick in debt interest expenses, the company still incurred a £38 million deficit for the fiscal year, albeit an improvement from the previous £83.9 million loss.

Meanwhile, revenue surged by almost 30% to £843 million, nearing levels prior to the pandemic.

Selfridges attributed this surge to a higher footfall in its Manchester Exchange Square and Oxford Street outlets.

The company unveiled that its future expansion would be steered by investments in its online platforms and brick-and-mortar stores.

This development follows Selfridges’ implementation of staff reductions in specific locations and its corporate headquarters in August, as a part of an “efficiency reorganization”.

Image Source: olesea vetrila / Shutterstock

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