Selfridges’ owner experiences a substantial increase in pre-tax losses, climbing to £340.3m in a year.
- Sales for the group nearly doubled, reaching £1.6bn due to higher customer footfall.
- The company’s restructuring efforts followed its acquisition by Central Group and Saudi’s Public Investment Fund.
- Staff numbers decreased as the group employed 7,300 people by February 2024.
- Central Group’s partnership with the Public Investment Fund resulted in significant ownership changes.
The owner of luxury department store Selfridges reported pre-tax losses that have almost doubled, rising to £340.3 million in the year to 3 February 2024, up from £126.2 million the previous year. This financial outcome highlights the challenges faced by the retail giant amidst significant market shifts.
Despite the increase in losses, full-year sales saw an impressive surge of 95%, totalling £1.6 billion during the same period. This growth is attributed to increased footfall in stores, indicating a rise in consumer interest and engagement with the brand.
The company is owned by Cambridge Retail Group Holding, which is co-owned by Thai conglomerate Central Group and Saudi Arabia’s Public Investment Fund. This ownership comes following a major acquisition, where Central Group took over Signa Group’s stake on 15 November 2023 as part of broader restructuring efforts.
With the restructuring, the workforce across its department stores, which include Brown Thomas and Arnotts in Ireland, and De Bijenkorf in the Netherlands, saw a decrease to 7,300 employees as of February 2024, down from 7,800 the year prior. This staff reduction reflects efforts to streamline operations and ensure financial sustainability.
Central Group now holds a 60% stake in Selfridges Group, while the remaining 40% is owned by Saudi Arabia’s Public Investment Fund. This partnership aims to stabilise the business and leverage combined resources for future growth.
The financial trajectory of Selfridges’ owner reflects both significant losses and a strategic path towards restructuring and potential growth.
