Cambridge Retail Group Holding, owner of Selfridges, has seen a substantial rise in its pre-tax losses and sales for the year ending 3 February 2024.
- Pre-tax losses reached £340.3 million, almost doubling compared to the previous year.
- Sales achieved significant growth, rising 95% to £1.6 billion, largely due to increased footfall.
- Restructuring efforts were undertaken, and new ownership stakes were established involving Central Group and Saudi Arabia’s Public Investment Fund.
- The group employs 7,300 people, a decrease from the previous year’s 7,800.
Cambridge Retail Group Holding, the parent company of Selfridges, has experienced a marked increase in its financial losses. The company’s pre-tax losses have nearly doubled, reaching £340.3 million for the financial year ending 3 February 2024, compared to the £126.2 million recorded in the previous year. Despite the significant losses, the group reported a remarkable 95% rise in sales, climbing to £1.6 billion. The increased sales figures have been attributed mainly to a rise in foot traffic across their luxury department stores.
In response to these financial shifts, Cambridge Retail Group undertook substantial restructuring processes. This came after the co-owner, Signa Group, enlisted the help of restructuring experts to assist in financial stabilisation. The events led to a change in ownership dynamics, with Central Group taking over Signa Group’s stake as of 15 November 2023. Almost a year later, Central Group entered a partnership with Saudi Arabia’s Public Investment Fund. Under this new agreement, Central Group holds a 60% stake in Selfridges Group, while the Public Investment Fund owns the remaining 40%.
The company’s retail network extends beyond Selfridges, encompassing Brown Thomas and Arnotts in Ireland, and De Bijenkorf in the Netherlands. As of February 2024, the group employed 7,300 individuals, which marks a decrease from the 7,800 employed the previous year. Such changes in employment figures are likely reflective of the restructuring measures that were implemented to improve financial outcomes.
The financial results of Cambridge Retail Group Holding highlight the complex relationship between sales growth and financial losses within the luxury retail sector.
