9 November 2020
The Weekly
England

Harrods has just published its numbers for fiscal 2019-20, and they hark back to better days for British retail, before the arrival of COVID-19, when international tourism was flourishing and visitors from outside the European Union could splurge on tax-free shopping. In the 12 months to Feb. 1, Harrods, which is owned by Qatar Holding LLC, saw a 4% uptick in gross transactional value, which includes sales of own-bought merchandise and through concessions, to GB£2.2bn. Turnover in the period was broadly flat, edging up 0.3% to GB£870.8mn, according to its latest filing. Post-tax profit rose 11.6% to GB£191.4mn, bolstered by dividends and financial income. Operating profit was up 0.6% to GB£203.3mn. Capital expenditure in the 12 months was GB£114.1mn, compared with GB£64.1mn in the previous period, as the store continued to invest in its luxury boutiques in Knightsbridge. In July, Harrods said it would reduce up to 14% of its workforce of 4,800.

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