The luxury retailer enjoys an 11% sales boost thanks to its digital initiative
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Luxury retailer Selfridges has announced bumper profits for a fifth year running.
Despite a challenging retail climate, the department store chain announced this week that its annual financial results grew by 11.5% to £1.75bn.
The company’s digital expansion was singled out for bolstering the results; in 2017, Selfridges invested in a Chinese language website, android app and increased its delivery options.
“Significant investment, long-term planning and successful implementation remain the key elements in our drive to remain at the forefront of global luxury retailing,” said Paul Kelly, Managing Director of Selfridges Group.
Selfridges has also announced that it intends to further develop its digital and bricks-and-mortar through its £300m capital expenditure programme.
The investment scheme has supported the revamp the British retailer’s London, UK, flagship store, featuring a new triple height entrance on Duke Street linking the company’s original 1909 building to the 1930s extension.
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Anne Pitcher, Managing Director of Selfridges, said: “We are delighted to deliver such fantastic results, despite difficult retail conditions and consumer confidence uncertainties.
“We continue to challenge ourselves to be daring in all aspects of our global strategy and to present extraordinary destinations for our customers.”
Even though Selfridges enjoyed a record Christmas 2017 and outstripped its rivals, thanks to a 10% sales seasonal jump, the company is remaining cautiously optimistic looking ahead.
Pitcher added: “We are optimistic for further growth in 2018, with more new openings and all to play for in the run up to Christmas - where you can expect the unexpected.”