Harrods reported profits of £135.8m for the year to January 28, 2023
Harrods profits surpassed pre-pandemic levels last year as the department store bounced back.
The company, famed for its Knightsbridge store in London, reported profits of £135.8million for the year to January 28, 2023.
This compared with the £20.7million pocketed the previous year and also slightly higher than 2019-20 levels of £130.5million.
Chief financial officer Tim Parker heralded ‘a year of recovery and growth as we, like many others, continued to emerge from the impact of the Covid pandemic’.
Sales hit £994.1million but this was short of pre-pandemic levels when it turned over £1.04billion.
Parker said a ‘subdued return of the global tourism trade that is so important to the UK’ at the start of 2022 due to pandemic-related travel restrictions. But he said trading improved as the year progressed.
Harrods has called for the tourist tax to be scrapped – arguing the end of VAT-free shopping for visitors to the UK is holding back the economy.
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