Profits show Selfridges bucking the retail trend

Click to follow
The Independent Online

Selfridges, the upmarket department store group, showed it is still possible to succeed in the tough retail environment yesterday with a strong rise in full-year profits.

Reporting a 28 per cent increase in trading profit to £31m, Selfridges said it was enjoying the benefit of the £90m investment programme in its flagship store on Oxford Street in London. Selfridges in Manchester has also been trading well.

Vittorio Radice, the chief executive, said: "I think the consumer is looking for something new all the time. If you can offer that you can do well." Mr Radice said a series of exclusive ranges from top names such as Calvin Klein and Prada would continue to draw customers.

Selfridges confirmed plans to redevelop the land behind its Oxford Street store. It has held talks with 20 potential developers and expects to have a short-list by the summer. The development will include atower with a restaurant and bar.

Like for like sales rose by 11 per cent at the Oxford Street store in the year and by 18 per cent in Manchester during the comparative period. Selfridges shares closed 4p higher at 249p.