British department store Selfridges is going through a difficult period
Pre-tax losses at luxury department store Selfridges owner Cambridge Retail Group Holding Limited more than doubled to £340,3m in the year to 3 February 2024, from £126,2m in the previous year.
Selfridges' parent company Cambridge Retail Group Holding Limited has released results for the financial year ending early February, showing pre-tax losses at the owner of luxury department store Selfridges more than doubled to £340,3 million in the year to 3 February 2024, up from £126,2 million in the previous year. The company, Cambridge Retail Group Holding Limited, is also the parent company of Brown Thomas Arnotts in Ireland and De Bijenkorf in the Netherlands.
Selfridges Retail Limited, the specific part of the business that deals with retail and online trade in the UK, also reported less-than-stellar results, writes fashionnetwork.com. The company said revenue for the 53 weeks fell 1% to £834,9 million, compared with the previous year's restated 52-week period. Operating profit was £27,7 million, compared with the previous year's restated operating profit of £38,8 million. And the loss before tax was £41,9 million, compared with a loss of £39,3 million for the 2023 financial year.
In the UK, the company said its turnover continued to be impacted by a variety of economic factors. These included a reduction in the number of overseas visitors coming to the UK and shopping in its stores; the associated ongoing impact of the loss of duty-free shopping for such visitors; disruption to some supply chains due to international issues; inflation and exchange rate fluctuations; rising prices for luxury brands; and the higher cost of living impacting consumers in general.
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