Selfridges’ online investment results in record profit

Luxury department store Selfridges has reported its strongest ever financial results due to growth in all its channels and “rapid development” of its online business.

Over the past year, Selfridges completed the international launch of its online website, and launched a UK click and collect service.

Many retailers, like Debenhams, John Lewis and Marks & Spencer, have invested in the click and collect channel as a way to bridge the gap between online and physical stores, and the investment usually requires making supply chain systems more efficient to reduce the time gap between ordering online and when customers can collect the item in-store.

“Selfridges UK has delivered another year of strong progress driven by continuous innovation and investment in our multi-channel strategy and retail environment,” said Selfridges’ managing director Paul Kelly.

“Despite challenging trading conditions in 2014 we are accelerating our investment in multi-channel and continuing our £300 million redevelopment programme of our Oxford Street store.”

The retailer said its operating profit rose 12.3 percent to a record £150 million, on gross sales of £1.2 billion, in its latest full-year results.

In August, Selfridges revealed it had chosen software from Synthesio to monitor and analyse global customer comments on social media platforms, review sites, forums, blogs and comment sections on newspapers, so that its marketing and customer service teams can respond to customers online more efficiently.

Image credit: Flickr/Live4Soccer

Copyright © 2014 IDG Communications, Inc.

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