Selfridges on record annual profits for 2015

Selfridges has announced that operating profits rose 3.4% to £155m for the year ending January 2015. The company reports gross sales of £1.3bn, helped by strong online performance.

British-Canadian businessman, Galen Weston, now owns the department store group. All its four stores, in London, Birmingham and Manchester, and its online business saw year-on-year growth.

Selfridges’s expansion plans are for the next three years, and during 2015 the company began a refurbishment of its Oxford Street store. The company also opened a new beauty hall in Birmingham and made some additions to its Exchange Square store in Manchester.

“Our performance has consolidated our lead and combined with our £300m investment places Selfridges in the top tier of global luxury retailing,” says Paul Kelly, group-managing director of Selfridges.