Tuesday, January 25, 2022

Harrods set to record 7th year of sales & profits increase

(Image: David Iliff/Wikimedia Commons)

World-renowned department store Harrods is expected to post record sales and profits for the seventh year in a row next week, according to reports.

The retailer, owned by Qatar Holding, is expected to post £1.44 billion in total sales for the year to January 30, according to the latest annual results seen by The Times which are set to be filed at Companies House next week.

According to The Times, sales increased by four per cent compared to the previous year.

Pre-tax profits have also had an uptick – from £141.5 million to £168 year-on-year.

Meanwhile, despite investment in capital expenditure Harrods‘ operating profit increased 40 per cent to £178.1 million.

Since Qatar Holding bought Harrods for a reported £1.5 billion in 2010, the company has invested £400 million into the Knightsbridge store, which has gone towards building new boutiques and a footwear “emporium”, and installing 4G internet.

The flagship London store continues to attract more than 15 million shoppers each year, operating alongside an online store and airport concessions.

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