Harrods has posted rising profits and revenue for the year to 28 January 2023 as its Knightsbridge flagship store returned to normal trading post-pandemic.
Turnover at the luxury department store retailer soared year on year from £581.9m to £831.6m, while gross transaction value rose 47% to £2.3bn.
Operating profit almost tripled from £55.5m to £158.4m in the year to January 28, 2023 as profit after tax rose from £41.7m to £433.3m.
Despite the positive figures, turnover is still below the pre-pandemic figure of £1.04bn the business hit in the year to January 2020.
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Chief financial officer Tim Parker said: “2022 was a year of recovery and growth as we, like many others, continued to emerge from the impact of the Covid pandemic. At the beginning of 2022, with many international travel restrictions still in place, there was a subdued return of the global tourism trade that is so important to the UK.
“As restrictions lifted and the year progressed, we saw a strong trade performance with our full year Gross Transaction Value exceeding 2019 figures. This performance was in part driven by our robust operating model and ongoing investment in our physical and digital estate.”
He added that the business continued to outperform the wider market due to its “long-standing relationships with both brands and loyal customers, fuelled by a commitment to creating innovative and exceptional offerings”.
“We remain focused on driving future growth via the curation of exclusive products and experiences that can only be found in Harrods, further enhancements in 2023 including new womenswear and furniture rooms as well as the ongoing development of our dining offerings and expansion of our private shopping services.”
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