Luxury department store chain Harvey Nichols has recorded a dip in profits in its last financial year update, citing the revamp of its Knightsbridge flagship as the main reason.
For the year ending April 2, Harvey Nichols‘ pre-tax profits dipped down to £2.6 million, compared to £5.4 million the year prior.
However, sales went up slightly to £194.5 million from £193.1 million the previous year.
Chief executive Stacey Cartwright told the Sunday Telegraph that these results reflected the disruption at Harvey Nichols‘ famous Knightsbridge store, which included the closure of its entire 28,000 sq ft menswear section for 10 months, re-opening in April this year.
A new 8000 sq ft accessories and jewellery area in Knightsbridge was also unveiled last month, which boasts new designers and a concierge service that includes handbag repairs and restorations.
A new 13,000 sq ft Beauty Lounge was also opened, offering a range of services and extended opening hours.