Selfridges like-for-likes strong
Total sales up 14 per cent
January 9 2003
Sefridges has reported a total sales increase of 14 per cent in the 22 weeks to January 4, with a like-for-like increase ahead of other department store operators at 7 per cent.
However, Selfridges Christmas trading figures provide more evidence of a downturn in consumer confidence, with like-for-like sales up a more modest 2 per cent in the six weeks of Christmas and the start of the winter sale. Total sales were up 12 per cent in the same period.
The company said its Oxford Street store continued to trade strongly in the two months following the anniversary of September 11, with sales up 7 per cent. Selfridges described sales in the seven weeks leading up to Christmas as “reasonable,” adding that the sale started well with lower levels of discounted stock and improved margins.
The Trafford Centre store outside Manchester continues to perform well, and has seen a minimal impact from the new Selfridges store in Exchange Square, Manchester, which opened in September. In the four weeks before the central Manchester store opened, Trafford Centre sales were up 9 per cent, and in the 17 weeks following the opening, sales were up 4 per cent. Exchange Square is trading well.
Chief executive Vittorio Radice said: “This performance demonstrates the strength of our business in what has been a competitive trading environment. While not immune to external factors, Selfridges’ point of differentiation – a wide-ranging offer of products and brands in unique stores – should leave us comparatively resilient in the months ahead. However, Selfridges is not standing still. We continue to emphasise innovation and broaden our geographical reach across the UK with the creation of new places, as demonstrated by the opening of our Birmingham store in September 2003.”
