Selfridges Swings to Profit, Urges UK to Restore Tax-Free Shopping
UK department store chain Selfridges returned to profitability in its latest financial year, with revenue rising 7% to £830.8 million, supported by strong footfall across its four stores despite a decline in online sales. Operating profit increased to £79.7 million from £42.2 million, while pre-tax profit improved to £13 million from a £15.9 million loss a year earlier, as the retailer focused on improving margins and controlling costs.
The results come as Selfridges CEO André Maeder joined a growing number of retail executives calling for the UK government to restore tax-free shopping for international visitors. The visitor shopping scheme was abolished in 2021, and retailers have argued that its return could help attract overseas shoppers and support the UK’s retail and tourism sectors. Maeder made the appeal against a backdrop of continued economic challenges and difficult trading conditions.
During the financial year, Selfridges strengthened its retail offering through pop-ups and collaborations involving brands including Lacoste, Prada, Finisterre, Victoria Beckham and Isabel Marant. The retailer also expanded and upgraded its Birmingham beauty hall, partnered with Disney for its Christmas programme, launched its Summer of Sound activation and secured approval for a private members’ club.
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