Luxury department store Harrods has reported strong sales and profit growth after its landmark Knightsbridge store returned to normal trading after the pandemic lockdowns.
Harrods’ operating profit climbed almost threefold from £55.5m to £158.4m in the year to January 28, 2023. Profit after tax rocketed from £41.7m to £433.3m.
Harrods’, owned by Qatar Holding, reported that turnover advanced from £581.9m to £831.6m, while gross transaction value rose 47% to £2.3bn, accounts just filed at Companies House reveal.
The retailer’s Knightsbridge shop was open throughout the period, in contrast to the previous year when Covid lockdowns forced it to shut for 10 weeks.
As well as unrestricted trading, Harrods said the performance reflected ”a strong recovery in trade as the impact of the Covid-19 pandemic subsided and both local and overseas customers returned”.
Harrods chief financial officer Tim Parker said: “2022 was a year of recovery and growth as we, like many others, continued to emerge from the impact of the pandemic.
“At the beginning of 2022, with many international travel restrictions still in place, there was a subdued return of the global tourism trade that is so important to the UK.
“As restrictions lifted and the year progressed, we saw a strong trade performance with our full-year gross transaction value exceeding 2019 figures. This performance was in part driven by our robust operating model and ongoing investment in our physical and digital estate.
“We remain focused on driving growth via the curation of exclusive products and experiences that can only be found in Harrods, further enhancements in 2023 including new womenswear and furniture rooms, as well as the ongoing development of our dining offerings and expansion of private shopping services.”
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