Selfridges hailed improved margin improvement and tighter cost control during the year.
The luxury retailer also posted a pre-tax profit of £13m during the year, up from a loss of £15.9m in the year prior, according to The Times.
Revenue at Selfridges during the 12 months rose 7% to £830.8m, as stronger footfall across its four-strong store estate – London, Birmingham, Manchester Trafford and Manchester Exchange Square – outweighed falling digital sales.
Selfridges’ performance for the year was also boosted by a long financial period of 52 weeks, up from the 48-week period last year.
Selfridges CEO André Maeder told the newspaper that the surge in both profits and sales came “despite difficult retail and macroeconomic environments”.
He added that challenges had been amplified by “policy choices”, including the removal of tax-free shopping for overseas visitors.
“We are therefore hugely encouraged to see this back on the political agenda and urge the government, under new prime minister Andy Burnham, to bring back tax-free shopping, boosting high streets and unlocking growth across the whole of the UK,” he said.
Drapers has reached out to Selfridges for further comment.