What: Selfridges Retail reported a significant increase in revenue and operating profit for the fiscal year ending in January.

Why it is important: The company’s annual report gives an insight into how it was able to achieve its improved financial performance despite the pandemic and supply chain disruptions due to Brexit.

Revenue rose by 29% to GBP 843.7 million, while operating profit reached GBP 38.9 million, an improvement from the previous year's GBP 38.1 million operating loss. Sales were strong in the physical stores, particularly at the flagship store on London's Oxford Street and the Exchange Square branch in Manchester. However, the company still reported a loss before tax of GBP 37.9 million, better than the previous year's loss of GBP 121.5 million.

The loss is partially attributed to the application of accounting standard IFRS 16 'Leases'.

Selfridges faced challenges due to the pandemic's impact, including the Omicron variant and international Covid restrictions. Despite these challenges, Selfridges' new owners continue to drive the retailer's vision of reinventing retail and focusing on sustainability. The full impact of the new ownership on the company's accounts will likely be seen next year.

Selfridges has filed its January 2023 year end results