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Harrods profits soar as it breaks £1bn sales barrier

Luxury department store Harrods profits soared 39% to £108.3m in its year to January 29.

New owner Qatar Holdings, which bought the store from Mohammed al-Fayed last year for £1.5bn, reported that it had broken through the £1bn sales barrier over the period.

An influx of international visitors helped the retailer post record results. Chinese visitors were the top-spending customers, spending £3,500 on average during a store visit.

The new owners stand to take home a £22.7m dividend. Luxury “superbrands” such as Cartier and Chanel grew at a faster rather than Harrods’ overall sales revenues, up 16% over the period.

Harrods managing director Michael Ward told the Financial Times that the retailer was investing to attract more shoppers to store. He said: “We’ve had the support of our new owners in continuing to spend at a rate that is really not seen anywhere else in the retail industry.”

He said that £32.7m was spent on upgrading the store last year and this will “significantly” increase in its current year.

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