What: Selfridges group of the UK which includes the eponymous Selfridges store on Oxford Street, de Bijenkorf department store in Amsterdam, Brown Thomas and Arnotts in Dublin, as well as the Holt Renfrew upmarket fashion chain in Canada has officially announced results for the year to 2 February 2020, pre-covid. Although revenue increased by 7% to £1.97 bn, operating profits were down 10% to £88 m, and pre-tax profits plunged to £34 m from £98 m the previous year.

Why it is important: Managing Director Anne Pitcher stated that the group has suffered during this latest year. With Selfridges stores being located in city centres, she expects footfall to remain muted for some time, even when stores reopen. City centres — and especially London’s West End — have been devastated in the last year with the international and domestic tourists, plus office workers, that usually make up the majority of shoppers being thin on the ground.

Selfridges press release