Your browser is no longer supported. For the best experience of this website, please upgrade to a newer version or another browser.

Your browser appears to have cookies disabled. For the best experience of this website, please enable cookies in your browser

We use cookies to personalise your experience; learn more in our Privacy and Cookie Policy. You can opt out of some cookies by adjusting your browser settings; see the cookie policy for details. By using this site, you agree to our use of cookies.

Harrods profits jump

Profits and sales at luxury department store Harrods have jumped for the year to 3 February 2018, driven by growth in menswear, beauty and jewellery.

Pre-tax profits rose 9% to £215.9m, and operating profit increased by 15.8% to £218.4m.

Gross sales were up 9% to £2.1bn.

Managing director Michael Ward told the newspaper the results indicated a strong business model for the current climate, and said the business was capable of weathering cost increases and headwinds, including complexities from a no-deal Brexit.

He also indicated that a no-deal could cost the business £7.6m a year to complete customs forms and paperwork.

He noted that menswear, beauty and jewellery was in particularly high demand with millennial consumers.

He told the newspaper that over the next three years Harrods will invest £200m on updates to its menswear and sports departments, as well as its beauty hall. Around £55m was invested in the past 12-month period.

“At the moment we have 150,000 sq ft of the store under refit — that is equivalent to 30 to 40 high street stores all being refurbished at the same time,” he said. “Over the next three years we plan to refurbish a further 600,000 sq ft.”

Have your say

You must sign in to make a comment

Please remember that the submission of any material is governed by our Terms and Conditions and by submitting material you confirm your agreement to these Terms and Conditions. Links may be included in your comments but HTML is not permitted.