Harrods hails rise in profit as iconic London store recovers from pandemic lull
Harrods, the world famous department store in Knightsbridge, recorded a profit for the year ending January 2023, as the iconic London shop fully rebounded from the pandemic lull.
Luxury shoppers keen to blow their cash in the capital helped hike operating profits at Harrods to £202.7m up from a weak £71.4m the prior year.
The Qatari-owned business also said profit after tax reached £135.8m up from £20.7m in 2021 and –£62.8m during 2020 the height of the pandemic.
Turnover at the popular tourist destination showed signs of edging closer to pre-pandemic levels, reaching £994.1m down from £1,040.5m in 2019.
Tim Parker, chief financial officer at Harrods said the business continued to “outperform” the wider market.
“[This is] due to our long-standing relationships with both brands and loyal customers, fuelled by a commitment to creating innovative and exceptional offerings. In 2022, we continued our store masterplan project and introduced new in-store dining destinations such as Studio Frantzen.”
He added: “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.”
Harrods was first founded in 1824 and was the first store in England to use escalators.
The state of Qatar via its sovereign wealth fund, the Qatar Investment Authority acquired the store for £1.5bn in 2010 after its prior owner Mohamed Al Fayed retired.