The British retailer Selfridges Retail Limited was able to significantly increase its sales and achieve an operating profit in the 2022/23 financial year. This emerges from an annual report that was published in the British commercial register on Monday.
In the most recent financial year, which ended on January 28th, group sales amounted to 843.7 million British pounds (977.6 million euros). This corresponded to an increase of 29 percent compared to the previous year, in which the effects of the Covid-19 pandemic had a significant impact on demand. However, the retailer emphasized that negative consequences of the pandemic were still felt in the first few months of the most recent financial year, citing restrictions on international travel, bottlenecks in supply chains and the spread of the Omicron virus variant in January 2022.
Thanks to the strong increase in sales, Selfridges returned to profitability operationally. The operating result reached 38.9 million British pounds, after an operating loss of 38.1 million British pounds had to be recorded in the 2021/22 financial year. The reported net loss, which according to the company is primarily due to the application of the accounting standard IFRS 16, decreased from 83.9 million British pounds to 38.3 million British pounds (44.4 million euros).