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Sales and profits up at Harrods

Sales and profits at luxury department store Harrods increased last year, despite the challenging conditions on the high street.

Handbags at dawn

Turnover rose 2.5% to £788.9m for the year to 30 January, while gross transactional value was up 3.7% to £1.7m for the year.

The retailer said that, “despite tough trading conditions” in the UK, profit after tax jumped 16.9% to £129.7m.

Harrods said 10% of its purchases are contracted in foreign currencies and it hedges up to a year in advance.

It added that it accepts foreign currency in its Knightsbridge store and airport concessions and uses this to settle currency obligations.

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