Luxury London department store Selfridges has posted record profits in the year to 28 January.
Operating profit jumped 18% year-on-year in the period to £180m and sales grew by 16% to £1.6bn.
The department store owners said the boost in performance was bolstered by its £300m capital expenditure strategy.
The strategy has focused on refurbishing its London store as well as improving its online operations.
It has opened the first phase of its new accessories hall in its London flagship, which is expected to be fully completed by summer 2018.
It is still in the process of developing its stores in Birmingham and Manchester.
Honor Strachan, principal analyst, GlobalData, said: “While much of the UK high street is suffering from weaker consumer demand and squeezed margins, seemingly the memo hasn’t reached the luxury department stores with Selfridges enjoying similar double-digit sales and profit growth to rival Harrods.
This cements our view that the premium and luxury segments of the fashion and beauty sectors continue to outperform and support organic market expenditure growth – as well as growing share at the expense of the mid-market.”
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