Harvey Nichols bucks high street trend doubling EBIDTA

Harvey Nichols
The retailer has focused on controlling its costs and cash flow during the period and invested in IT and its webstore to help push up online sales.

The Harvey Nichols Group this week revealed its EBITDA was up 102 per cent to £14.7 million in the full year to March 31.

Revenues rose nine per cent to £210 million over the same period after what the retailer said had been a “strong performance” from its revamped Knightsbridge flagship.

While trading remains tough on the high street for House of Fraser, Debenhams and John Lewis, Harvey Nichols’ upmarket focus has left it well-positioned to outplay its rivals, with a continued focus online and reinvestment in its store estate.

The business finished the first phase of its Knightsbridge refurbishment in April when its menswear department was completed, and the second in November 2016 with the launch of a new beauty hall, fine jewellery room and designer accessories hall.

This summer the group finished a renovation of its womenswear international floor.

“We are extremely pleased to see a strong financial performance last year, and our ambitious Knightsbridge store refurbishment plans have had a positive impact,” said joint chief operating officers Manju Malhotra and Daniela Rinaldi.

“However, the retail environment remains challenging and competitive. With this uncertain outlook, we are focused for the remainder of this year on continuing to drive sales and delivering an omnichannel experience for our customers,” they added.

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