harrods store

Harrods delivers strong growth and returns to profit

High-end department store retailer Harrods has reported a growth in sales as turnover climbed towards £600m.

According to its latest filed accounts for the year ended 29 January 2022, total sales rose 35.5% to £581.9m from £429.5m in 2021.

Gross profit increased from £220.1m to £360m, while pre-tax profit resulted at £51m, significantly improving from a loss of £68.3m recorded the previous year.

Stated within its report, the company said gross transaction value rose 42.6% to £1.5bn, which is a measure of retail turnover on a gross basis before adjusting for concessions, consignments, staff discounts and the cost of loyalty scheme points.

The growth in turnover reflects the shorter time period its Knightsbridge store was closed during the year (10 weeks against a comparison of 22 weeks in 2021).

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