Selfridges reports profit surge and calls for tax-free shopping

Selfridges has reported a significant financial turnaround, with operating profit surging 88% to £79.7m for the 52-week period ending January 3, 2026. The luxury department store chain also posted a pre-tax profit of £13m, recovering from a £15.9m loss in the previous year.

Revenue rose 7% to £830.8m, driven by increased footfall across its UK locations in London, Birmingham, and Manchester, which helped offset a decline in digital sales. The retailer attributed the improved performance to higher margins and tighter cost controls.

Despite the growth, CEO André Maeder has urged the government under Prime Minister Andy Burnham to reinstate tax-free shopping for international visitors. Maeder argued that the 2021 abolition of the VAT refund scheme has made the UK less competitive compared to European rivals. The retailer noted that bringing back the policy could help boost high streets and unlock economic growth across the country.