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Harvey Nichols post-tax profits up 14%

Harvey Nichols Group’s post-tax profits rose 14.4% to £11.3m in the year to March 29, 2014.

Turnover was up 3.2% to £193.6m during the period, but the retailers gross profit margin fell from 57.7% to 56.5% due to an increase in promotional activities.

EBITDA excluding exceptional items was down 2.9% to £25.5m. The business said trading in the first 14 weeks of the new financial year had been in line with expectations.

“These represent a solid set of results against a challenging economic landscape,” said Harvey Nichols Group chief executive Stacey Cartwright, who joined the company in February.

“As we drive forward with our strategic and physical transformation and investment into the business, Harvey Nichols is well placed to leverage the many exciting opportunities which present itself – both in the home market and internationally, in our physical stores and online.”

During the period, the group incurred capital expenditure of £5m, down from £7.4m the year before.

Capital investment was made in its multichannel platform, including the new website, which was launched in April.

The group also invested in refurbishing its Knightsbridge flagship and continued the programme to upgrade its regional stores.

The group has seven stores in the UK, including its Knightsbridge flagship, one in Ireland, and seven international licensed stores. It will open an eighth licensed store in Azerbaijan by the end of 2014.

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