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Slight hike in sales at Harrods

Turnover at Harrods increased to £868.6m in the 52 weeks to 2 February, from £862.5m in the 53 weeks to 3 February 2018. 

Operating profit dropped to £202m in the same 2018/19 financial period, compared with £218.4m in 2017/18. Meanwhile, gross profit fell to £512.9m from £513.9m in 2018. 

Harrods said it underwent a significant programme of capital expenditure in the period – £64.1m, compared with £55m in 2017/18. Focus has continued on investing in luxury boutiques in its Knightsbridge store. The company said the level of capital expenditure is expected to increase in 2019/20. 

Emily Salter, retail analyst at GlobalData, said: “As the positive impacts of increased tourism to the UK (due to the weak pound) have annualised out, Harrods must now work to attract domestic shoppers by introducing new brands and experiences.”

 

 

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