Harrods posts year of "recovery and growth" as annual profits rise

Harrods has reported an increase in turnover and profit for the year ending 28 January 2023 as it remains focused on driving future growth.

The luxury department store saw turnover rise 52% year-on-year to £994.1 million, but below the pre-pandemic figure of £1 billion in 2019.

Gross transactional value excluding VAT increased 51.1% to £2.1 billion, compared to just over £2 billion in 2019. This was helped by the retailer's "robust operating model and ongoing investment in physical and digital estate".

Operating profit reached £202.7 million, whilst profit after tax totalled £135.8 million against £20.7 million the previous year.

Tim Parker, CEO of Harrods, said: "2022 was a year of recovery and growth as we, like many others, continued to emerge from the impact of the pandemic.

"Harrods continued to outperform the wider market due to our long-standing relationships with both brands and loyal customers, fuelled by a commitment to creating innovative and exceptional offerings.

"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."