Harrods records a 15 percent profit rise

Luxury department store Harrods, which is owned by Qatar

Holdings, has achieved a 15 percent increase in profits last year, defying the economic climate.

The retailer recorded an 11 percent sales increase to 651.7 million Pounds in the year to January 28, and has revealed that its pre-tax profit rose 15 percent to 125.3 million Pounds, due to strong trading at its Knightsbridge store and its airport outlets at Heathrow and Gatwick.

The luxury retailer’s strong performance came in a year, in which it spent 107.8 million Pounds refurbishing the store, opening a new distribution centre in Reading, as well as developed its online offering, which now delivers to more than 30 countries worldwide.

Qatar Holdings bought Harrods from Mohamed Al Fayed for 1.5 billion Pounds in 2010, and earlier this month it revealed plans to open a chain of Harrods-branded hotels starting in London, Malaysia and Italy.