Selfridges losses widen despite rise in revenue

The parent company of Selfridges saw losses more than double in its latest annual results, despite a 95.6% increase in revenue.

Filings for Cambridge Retail Group, which is owned by Thai conglomerate Central Group and Saudi Arabia’s Public Investment Fund, revealed pre-tax losses hit £340.3 million in the year to 3 February, compared to a £126.2 million loss in the previous year.

Revenues lifted to £1.57 billion, up 95.6% from £804.7 million previously, thanks to increased footfall during the 12-month period.

Cambridge Retail Group, which includes Selfridges in the UK, Irish department stores Brown Thomas and Arnotts, and De Bijenkorf in the Netherlands, also said it had cut 500 jobs during the year and was now employing roughly 7,300 workers.

Separate filings revealed that Selfridges Retail made a £41.9 million pre-tax loss in the year, compared with £39.3 million previously.

The department store reported annual revenues of £834.9 million, up 1% from the previous year when it posted revenues of £843.7 million.

A spokesperson for Selfridges told The Times: “This year we are trading in line with expectations, footfall is up again, and we have seen a strong response to many of our investments, launches and activations, including our newly renovated Oxford Street beauty hall.”