Harrods delivers strong growth as sales and profit soar

High-end department store retailer Harrods has reported another growth in sales as turnover surpassed £800m.

According to its latest filed accounts for the year ended 28 January 2023, total sales rose 42.9% to £831.6m from £581.9m in 2022, further adding to its growth of 35.5% from £429.5m in 2021.

Pre-tax profit resulted at £470.8m, significantly improving from £51m recorded the previous year. The majority of which was due to income from shares in group companies, valuing £290.3m. Removing this factor, profit stood at £158.4m.

Stated within its report, the company said gross transaction value rose 47% to £2.3bn, 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 reflected the store opening for the full year versus the closures in the prior period, as well as a strong recovery in trade.

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