Harvey Nichols posts jump in sales and profit

For the year to March 30, 2019, the Harvey Nichols Group said revenues increased 9 percent to 229 million pounds (286.5 million dollars) compared to 210 million pounds in 2018, while pre-tax profits rose from 1.1 million pounds to 2.7 million pounds (3.3 million dollars). The company added that EBITDA of 14 million pounds (17.5 million dollars) remained flat on the previous year.

Commenting on the results, Manju Malhotra and Daniela Rinaldi, the company’s Joint COOs, said in a statement: “We are delighted to have delivered a strong financial performance last year, particularly in light of a challenging and uncertain retail landscape. Despite this background, we continued to focus on delivering a luxury shopping experience, with substantial investment in our IT infrastructure and online business, all of which contributed to our top-line growth.”

The company further said that increases in revenue and operating profit were driven by the launch of womenswear international designer floor, in its flagship Knightsbridge store in June 2018. The company also carried out refurbishment of its menswear department, beauty floor and designer accessories hall, all of which opened in 2016.

Picture credit:FashionUnited