Harrods smashes £2bn sales mark for the first time

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Harrods

Harrods has recorded its eighth year in a row of soaring profits, which included smashing the £2 billion sales mark for the first time.

According to The Times, accounts to be filed at Companies House show that the world-famous London department store broke its sales record in January this year, and its total annual sales shot up 23 per cent year-on-year.

Harrods’ pre-tax profit also shot up by 38.8 per cent to £233.2 million, while its operating profit spiked 42.3 per cent to £253.3 million.

The retailer said its financial performance was boosted tourists – especially from China – flocking to the store to take advantage of prices since the sterling took a battering after the Brexit vote.

“Every year seems to be a record year for us at the moment and long may it last,” Harrods chief financial officer John Edgar said.

“More than anything we are proud to have achieved more than £2 billion of turnover, which is an amazing 23 per cent growth year-on-year and is quite a milestone.

“This year we have grown our like-for-like operating and net profit even more than last year: by 24 per cent and 19 per cent respectively.”

He added that Harrods was on track for another record year.

As part of an ongoing refurbishment programme, over the next four years Harrods plans to renovate its food halls and consolidate its men’s and sportswear to one floor, increase space for its jewellery, watches and beauty hall, and integrate its homewares division in one interior department.

It has already installed 4G internet throughout the building, restored its main entrance on Hans Crescent, as well as launch a “wellness clinic”.

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