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Harrods crosses 2 billion pounds in annual sales

By Prachi Singh

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Business

Harrods, the Qatar Holding-owned luxury department store has posted an eighth consecutive year of profits and sales growth, reports Fashion Network. It added that for the year to January 2017, Harrods crossed 2 billion pounds (2.6 billion dollars) in sales for the first time, while its pre-tax profit increased to 232.2 million pounds (307 million dollars) compared to 168 million pounds (222 million dollars) last year. The company’s operating profit also rose to 253.2 million pounds (335 million dollars) against 178 million pounds (235 million dollars) in the previous year.

Quoting The Times newspaper, which accessed the results ahead of the company’s official filing, the report added that the buoyant sales and profit resulted from the significant boost in trade after the weakening of the British currency.

Report further quoted the company’s CFO John Edgar, who said that this year saw our like-for-like operating and net profit grow even more than last year by 24 percent and 19 percent respectively, which is stunning and in my experience to have a store and a business that is as old as this one and yet still get the growth that it does, from one location primarily, is phenomenal.

Qatari Holding acquired the London-based department store in 2010 and has invested over 450 million pounds (596 million dollars) to introduce in-store features like luxury wellness clinic, additional space for luxury fashion collections and improvements to the building.

Picture:Facebook/Harrods

Harrods