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Profits soar at Harvey Nichols

Pre-tax profits at Harvey Nichols Group rocketed by 145% to £2.7m for the year to 31 March 2019, despite ongoing economic uncertainty. 

Revenues increased by 9% to £229m in the 2018/19 year, while EBITDA remained flat at £14m. 

Increases in revenue and operating profit were driven primarily by the launch of the company’s womenswear international designer floor, in its flagship Knightsbridge store, which opened in June 2018. This followed the programme of refurbishment of the menswear department, beauty floor and designer accessories hall in 2016.

Manju Malhotra and Daniela Rinaldi, Joint COOs, said: “We are delighted to have delivered a strong financial performance last year, particularly in light of a challenging and uncertain retail landscape. Despite this background, we continued to focus on delivering a luxury shopping experience, with substantial investment in our IT infrastructure and Online business, all of which contributed to our top-line growth.”

The group has eight stores in the UK and Ireland, eight internationally, and operates the Oxo Tower Restaurant, Bar, and Brasserie.

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