Harrods “outperforms” the market as profits soar
Harrods’ chief financial officer said the department store has outperformed the wider market, as it saw growth in both turnover and profit during the last financial year.
During the year to 28 January, Harrods’ turnover increased to £831.6m compared to £581.9m the previous year.
Operating profit increased during the same period from £55.5m to £158.4m, while profit after tax grew almost tenfold from £41.7m to £433.3m.
However, turnover was still below the pre-Pandemic figure of £1.04bn recorded in the year to January 2020.
Harrods 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.”