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Profits rocket at Harvey Nichols

The Harvey Nichols Group has reported a 102% jump in EBITDA to £14.7m for the year to 31 March, following the completion of its Knightsbridge refurbishment.

Revenue for the year was up 9% compared with 2016/2017, to £194m.

The retailer said the “strong performance” was a result of the revamped flagship and a continued focus on online and the remaining store estate.

The Harvey Nichols Group has eight stores in the UK and Ireland; The Oxo Tower, Restaurant Bar & Brasserie; and eight stores internationally.

The first phase of the Knightsbridge refurbishment was the menswear department, completed in April 2016. The second phase, a 23,000 sq ft space on the ground floor, was unveiled in November 2016 and included a new beauty hall, a fine jewellery room and a designer accessories hall. During the financial year 2017-2018, the group began a comprehensive renovation of the womenswear international designer floor, which was completed in June 2018.

Joint chief operating officers Manju Malhotra and Daniela Rinaldi said: “We are extremely pleased to see a strong financial performance last year, and our ambitious Knightsbridge store refurbishment plans have had a positive impact. However, the retail environment remains challenging and competitive. With this uncertain outlook, we are focused for the remainder of this year on continuing to drive sales and delivering an omnichannel experience for our customers.”

Earlier this month, the retailer temporarily rebranded as Holly Nichols as part of a campaign celebrating women.

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