The iconic London department store Harrods reported a 20 percent rise in pre-tax profit for last year, thanks to the strong performance of luxury brands. The store said that it was confident
Harrods owner Mohammed Fayed said that the rise in pre-tax profit from £19.9 million to £23.9 million and a sales increase to £492.3 million from £472.5 million last year was due to a better mix of brands and further investments in the store.
“With our busiest two months of the year still to come, we are already outperforming last year,” Fayed told the FT. He said that women’s wear and men’s wear sales rose 9 and 5 percent respectively last year and were experiencing “comparable uplifts” for the year to date.
Harrods has added a new luxury room and has increased the amount of opening hours of its food hall. The opening of its new in-store French patisserie, Laduree, two weeks ago has proved to be a great success. Another in-store restaurant is in the pipeline for next year, bringing the total number of cafés and restaurants to 25.
Harrods has, however, admitted to having been affected by the July bombings, but said that “confidence is returning”.
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