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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.”

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