Selfridges announce profits increase

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The Independent Online

Selfridges, the upmarket fashion store group, unveiled pre-tax profits for the 26 weeks to July 29 of £12.2 million against £8.3 million last time. Turnover rose to £169.6 million against £155.8 million for the same period in 1999.

Selfridges, the upmarket fashion store group, unveiled pre-tax profits for the 26 weeks to July 29 of £12.2 million against £8.3 million last time. Turnover rose to £169.6 million against £155.8 million for the same period in 1999.

Despite harsh high street trading conditions, Selfridges chairman Alun Cathcart said: "We are confident about the outcome for the full year, whilst recognising that the important Christmas period is yet to come and that last year benefited from the Millennium celebrations."

Plans to develop the north section of its Oxford Street site into a hotel, offices, leisure and residential complex had also made "significant progress".

Shareholders will pick up an interim dividend of 2p, a 14-per-cent rise on last time.

* Clinton Cards posted a wider seasonal pre-tax loss for the half year to July 30 of £1.2 million against £59,000 last time. The group blamed slower gift sales following last year's craze for South Park toys. Profits were also hit by an extra £130,000 spending on TV advertising and a £147,000 charge from selling assets. However, turnover rose from £106.7 million to £111.1 million, helped by increased card sales, which make up two-thirds of the group's sales.

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