Selfridges blames slump in tourists shopping for luxury goods as sales fall
by Joanna Partridge from Economics | The Guardian on (#70EJV)
Losses narrow to nearly 16m for 48 weeks to 4 January 2025 but group has not made pre-tax profit since 2019
Selfridges has blamed a slump in the number of international tourists shopping for luxury goods in the UK and weaker consumer confidence for a fall in annual sales, as the retailer racked up losses for a fifth year in a row.
The upmarket department store chain reported a 7% decline in sales in the 48 weeks to 4 January 2025 to 775m compared with 835m recorded over the 53 weeks of its previous year.
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