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Harrods hits £2bn sales mark

Harrods has posted record sales and profits for the year to 28 January, as it continues to attract global shoppers thanks in part to the weakness of sterling.

The luxury London department store hit £2bn in annual sales for the first time in 2016.

Gross transaction value grew by 23.3% to £2,099, led by a strong performance in the fashion, fine watches and jewellery departments.

Like-for-like operating profit was up 24% to £253.3m, while like-for-like pre-tax profit rose 19% to £233.3m.

During the year, as part of a rolling refurbishment programme, Harrods restored its main entrance on Hans Crescent and added a wellness clinic. It also invested in improving its digital business.

The retailer said it was “positively impacted” by currency fluctuations following the vote in June 2016 to leave the European Union, but insisted that its performance was “extremely strong even after the annualisation of this event”.

It said it expects its growth trajectory to continue this year.

 

Readers' comments (1)

  • As a retailer in China we know. I’ll bet it’s driven by my customers shopping in overseas trips!😂😢

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