×
60 042
Fashion Jobs
SALLY BEAUTY CORPORATE
Outside Sales Representative -Cosmoprof
Permanent · New York
GAP INC.
Asset Protection Coordinator - la West
Permanent · Los Angeles
ABERCROMBIE AND FITCH STORES
Abercrombie & Fitch - Manager in Training, Clinton Crossing Premium Outlet
Permanent · Clinton
GILLY HICKS STORES
Gilly Hicks - Manager in Training, Natick
Permanent · Natick
AESOP
Full Time Retail Consultant | Aesop nw 23rd
Permanent · Portland
CORPORATE
Senior Legal Counsel
Permanent · Irving
NEIMAN MARCUS
sr. Restaurant General Manager, $1,000 Sign-on Bonus - Bal Harbour
Permanent · Bal Harbour
NEIMAN MARCUS
Group Sales Manager - Palo Alto
Permanent · Palo Alto
TALENT
District Manager, Madewell
Permanent · Atlanta
COTY
Commercial Finance Analyst, fp&a
Permanent · Miami
JCPENNEY CAREERS 2018
Merchandise Planner - Women's Apparel
Permanent · Plano
MARC JACOB'S
Sales Supervisor
Permanent · Los Angeles
MARC JACOB'S
Sales Supervisor
Permanent · Chandler
ESTEE LAUDER
Director, Global Marketing Skincare
Permanent · New York
NORDSTROM
Asset Protection Agent - Canyon Springs Rack (Riverside, ca)
Permanent · Riverside
PUMA
Junior Manager, Marketing - Ecomm (CRM/Sms)
Permanent · Somerville
CENTRIC BRANDS
Manager, Sales Operations
Permanent · New York
LULULEMON
Assistant Manager, Operations | Southport, Chicago
Permanent · Chicago
DISTRIBUTION CENTERS
Studio Coordinator
Permanent · Dallas
OLD NAVY
District Manager - Kansas City
Permanent · San Francisco
OLD NAVY
District Manager - Kansas City
Permanent · Kansas City
OLD NAVY
General Manager - Shoppes at Gilbert
Permanent · Gilbert
Published
Feb 15, 2021
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Weston family may need to pump cash into Selfridges and other department stores

Published
Feb 15, 2021

The Weston family may need to pump some money into its European department stores business that includes Selfridges, Brown Thomas, Arnotts, and De Bijenkorf. 


Selfridges



The company has been faced with a devastating drop in tourist flows as well as enforced store closures and is also dealing with the end of the previous tax-free shopping regime for tourists who visit Britain.

Those are the key points to come out of the accounts filing of SHEL Holdings Europe, parent company of the department stores operator.

The firm filed its accounts at Companies House covering the year to February 2020 and said that in the year concerned, its revenue rose to £1.522 billion from £1.452 billion. Pre-tax profit fell to £37.8 million from £103.3 million and net profit fell to £31.1 million from £82.2 million. But EBITDA rose to £299 million from £206 million.

But what was more interesting was that it warned of a “severe but plausible” situation in which its UK banking covenants might be breached due to the ongoing coronavirus restrictions.

And while it also said it's confident it would be able to renegotiate these, it also said that Wittington Investments – the ultimate parent company controlled by the Weston family – has committed to supporting the business in the “unlikely event” it can’t successfully renegotiate those covenants. 

Not that it expects that worst-case scenario to play out. But the filing made it clear that times are tough with multiple challenges. As well as Covid, the firm 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 – including Selfridges – have consistently claimed that this will seriously dent the appeal of the UK as a tourist shopping destination. The government is convinced that the change means it will increase the amount of money it gets in from VAT payments, but retailers disagree. They think that many of the transactions that would have happened in the UK will now happen in key cities such as Paris and Milan, costing both money and jobs in Britain. 

Copyright © 2022 FashionNetwork.com All rights reserved.