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Harrods reports record revenues

Harrods grew turnover by 10% in the year to February 2, 2013, taking revenues to a record £716.3m and giving its Qatari owners at £100m dividend windfall.

However operating profit fell 13% to £108m on the back of a £26.2m royalties payment to Harrods Corporate Management. Without this, operating profit would have climbed 8%.

During the 53-week period, Harrods grew total profit after tax to £632m, up from £89.5m last year, with a major boost from the sale of trademarks for £541m.

The luxury department store business grew its capital expenditure by £52.1m, investing in boutiques in its Knightsbridge store as well as airport stores. The luxury business, which is due to open a 1,776 sq ft concession in Heathrow’s Terminal 2 next summer, said it expected spend to remain the same for the current financial year.

In the directors’ report Harrods identified three principal risks for the business; events affecting international travel, the state of the economy and staff retention and recruitment.  

It follows the news revealed by Drapers last week that the role being vacated by chief merchant Marigay McKee is being split in two.

McKee, who left Harrods last week, is being replaced by Helen David, fashion director womenswear, accessories, fine jewellery and kidswear and Jason Broderick, fashion director menswear, sports and watches.

Both have long careers at Harrods and have now joined the senior merchant team.

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