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Harvey Nichols to post record profits

Harvey Nichols has forecast record profits this year and expects to post more than £18m in profit as the department store plans to launch its own brand.

Speaking at a lunch organised by Manchester Business School, chief executive Joseph Wan said for the year to March the luxury department store would post record profits beating £18m for 2007/08.

Turnover for the year is likely to be £160m excluding concessions.

Wan added that Harvey Nichols’ Knightsbridge store was the top performer, with sales at its stores in Manchester, Leeds, Edinburgh, Bristol and Birmingham up 4-5% year on year and sales at its Dublin store up 1%.

Wan said: “We have adapted since the collapse of Lehman [Brothers] in 2008. We didn’t talk about when the good times would return. Instead we talked about the way we must recognise that things have changed.”

The retailer has added more breadth to its ranges adding brands such as See by Chloe and McQ, and will now launch its own label. “We are going to work with the top manufacturer in each area. It will have the Harvey Nichols quality but at a lower price point than the brands we sell,” said Wan.

Harvey Nichols will also launch its 14th store this year in Kuwait City and it is expected that the retailer will soon focus its expansion efforts on South America.

Last year the luxury department store’s unaudited profit rose 15% to £16.1m.

 

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