Selfridges, the British fashion retailer, has seen a year-on-year drop of 40 per cent in its sales to £508.5 million in the year that ended 30 January 2021.
The Group has attributed the low numbers to frequent store closures during the year.
Notably, the retailer has posted an operating loss of £136.7 million in the said period compared to an operating profit of £113.8 million a year earlier.
The retailer also recorded a pre-tax loss of £217.2 million. Selfridges has said that costs were carefully monitored and decisions were taken to delay capital investment projects to manage its financial risks.
Here it is important to state that 14 per cent of Selfridges’ staff were impacted by redundancy, with 496 jobs cut by 9 October 2020.
Selfridges, also known as Selfridges & Co., is a chain of high-end department stores in the United Kingdom that is operated by Canadian group Selfridges Retail Limited.
