Selfridges was able to be “resilient” in the face of the pandemic as a result of investing in its online capabilities, it has said.
Sales in the year to February 2020 were up 7% to £1.97bn, however operating profits had fallen 10% to £88m, The Times has reported.
During that period it had invested in a cinema and toy store in Oxford Street and the accessories hall in its Manchester store.
However its performance during the recent crisis has remained “resilient” due to the strong performance in the prior year along with investment in its online capabilities and digital ways of working, according to Anne Pitcher, Selfridges Group managing director.
Pitcher told The Times that she expected footfall to the group’s stores – based on London’s Oxford Street, Bullring Birmingham, Manchester Trafford Square and Manchester Exchange Square – would remain depressed throughout 2021 as travel and the return to work resumed slowly.
In November Selfridges announced that Andrew Keith would be joining the business as managing director of Selfridges, reporting to Anne Pitcher. Keith had been president of Lane Crawford & Joyce since 2011, having joined the group in 2001 in a buying role.