Despite an increase in sales, Selfridges’ losses more than doubled in its most recent annual reports.
Pre-tax losses for Cambridge Retail Group Holding, which is controlled by Central Group and Saudi Arabia’s Public Investment Fund, reached US $ 440.85 million for the year ending February 3rd, up from US $ 163.37 million the year before, according to filings.
However, the company’s sales increased 95 per cent to US $ 2.07 billion, in part because of an increase in its financing expenditure that included interest paid on loans.
Around 7,300 people are currently employed by the group, which includes Selfridges, the Brown Thomas and Arnotts brands in Ireland, and De Bijenkorf in the Netherlands, according to the parent business, which said it had cut 500 positions over that time.
Losses at the department store increased to about US $ 54.46 million during the year, up from US $ 50.96 million the previous year, according to separate UK Selfridges records. With “a million more visits” to stores last year, the firm said it was “pleased” with its performance.
