Harrods reaches £1bn sales target early
By Ben Sillitoe - 11:58AM - Mon 24th January 2011
Luxury department store group Harrods has reached £1 billion in annual sales a week ahead of schedule, it has been announced.
The company took its one billionth pound of the financial year yesterday afternoon, despite setting this figure as a target for the 12-month period as a whole.
Harrods reached its goal quicker than expected after a positive Christmas trading period, which exceeded the retailer’s expectations and was helped by strong consumer interest in its ‘bespoke gifting’ service.
Today’s statement indicated that a significant proportion of international visitors contributed to year-on-year growth across its fashion, beauty and luxury gifting departments, while December’s snowfall kick-started sales of outerwear.
Sales Associate at Harrods, Rachel Reid, took the landmark pound and will be rewarded with a once-in-a-lifetime holiday as a result. The 4,500-strong employee network will also be handed out individual prizes due to their success.
Commenting yesterday, Managing Director of the retailer Michael Ward said: “Reaching £1 billion sales makes today one of the most significant in the store’s history.
“I am incredibly proud to thank all our dedicated staff and our loyal customers for their part in achieving this ground-breaking figure.
“‘Despite this success we are by no means complacent; the future for Harrods is that we continue to raise the bar in the retail arena.
“Plans are already underway to bolster the beauty business in a dramatic way over the next 12 months, and the store itself is set to see even more innovation and change.”