HARRODS BACK IN BLACK AS SHOPPERS SPLASH OUT
HARRODS swung back into profit earlier this year as shoppers splashed out again following the relaxation of pandemic restrictions.
The London store, which is owned by the Qatari government, raked in a pre-tax profit of £51m for the year to January 29 compared with a £68.3m loss in the same period a year ago, according to accounts filed at Companies House.
The rebound came as the firm’s sales jumped by 36pc to nearly £582m. Michael Ward, Harrods’ managing director, said sales were expected to hit £871m this year, around the same as in its last full year before the pandemic struck.
Harrods had managed to attract more domestic shoppers through its new restaurants and hair salon, Ward told The Sunday Times, while strong demand from Middle Eastern shoppers had helped offset a sharp decline in spending by Chinese tourists.
He also highlighted that the recent weakness of the pound would boost profits next year. But Ward warned they were not expected to recover to pre-pandemic levels due to rising energy and staff costs.