Profits at luxury department store Harvey Nichols soared by 102% in the year to 31 March 2018 as its investment in its store environment paid off. EBITDA in the period hit £14.7m on revenues up 9% at £210m.
The business has made a significant investment in its Knightsbridge flagship with a new menswear department (completed April 2016), a revamped ground floor comprising new beauty, accessories and jewellery destinations (completed November 2016) and, more recently, a complete make-over of its womenswear floor.
Joint chief operating officers Manju Malhotra and Daniela Rinaldi said: “We are extremely pleased to see a strong financial performance last year, and our ambitious Knightsbridge store refurbishment plans have had a positive impact.
“However, the retail environment remains challenging and competitive. With this uncertain outlook, we are focused for the remainder of this year on continuing to drive sales and delivering an omnichannel experience for our customers.”
Yesterday the store revealed that it had installed shoppable video screens in Knightsbridge in partnership with technology firm Smartzer and in June it became the first luxury department store to offer a “live shopping” experience online with retail technology company Hero.