Harrods posts 4 percent rise in FY16 revenues

Harrods – owned by Qatar Holding, the investment arm of Qatar’s sovereign wealth fund, has reported 4.4 percent sales rise in the seventh consecutive year to 1.44 billion pounds (1.76 billion dollars). The company’s pre-tax profit increased to 168 million pounds (205 million dollars) from 141.5 million pounds (173 million dollars).

The Knightsbridge store was acquired by Qatar Holding in 2010 for an estimated 1.5 billion pounds (1.8 billion dollars). The company has since invested 400 million pounds (489 million dollars) in upgrading its Knightsbridge store and adding new boutiques and boosting 4G connectivity at its flagship location. Harrods also has stores at London Heathrow and Gatwick airports and offers services at Luton and Stansted.

Last year, despite rise in operating profit, Qatar Holding had received a dividend of 103 million pounds (126 million dollars), down from 150 million pounds (183 million dollars), paid to them a year before that. The company had attributed the considerable decline in payout to the year marked by tough trading at its London department store.

Harrods founded by Charles Henry Harrod, first opened doors in 1849 as a small shop primarily selling tea.

Picture:Harrods