17 February 2021
The Weekly

Selfridges Group (Selfridges, Brown Thomas, Arnotts, de Bijenkorf and Holt Renfrew) has filed its accounts covering the year to February 2020. Revenue rose by 4.6% to £1.522bn from £1.452bn. Pre-tax profit fell to £37.8mn from £103.3mn and net profit fell to £31.1mn from £82.2mn; EBITDA rose to £299mn from £206mn. As well as Covid, the group has had to take the removal of Britain’s VAT Retail Export Scene into account in its budget and future plans. That removal means that tourists who eventually come back to Britain won't be able to claim VAT refunds on their luxury purchases unless they choose the option of having them shipped home rather than carrying the items themselves. Retailers and brands have consistently claimed that this will seriously dent the appeal of the UK as a tourist shopping destination.