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Harvey Nichols to post record profits

By FashionUnited

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Fashion

Harvey Nichols is expected to post record profits this year of more than £18m. Turnover for the year is likely to be £160m, not including its concessions. The company's chief executive Joseph Wan spoke at a conference at Manchester

Business School, stated for the year ending in March the luxury department store would post its best ever figures, beating the £18m achieved in 2007/08. Harvey Nichols is owned by Dickson Boon, a Hong Kong-based investor.

Wan
further stated that Harvey Nichols’ Knightsbridge store was the top performer. Sales at its stores in Manchester, Leeds, Edinburgh, Bristol and Birmingham up 4-5% year on year and sales at its Dublin store up 1%, he also told the Financial Times. “We have adapted since the collapse of Lehman [Brothers] in 2008,” he said. “We didn’t talk about when the good times would return. Instead we talked about the way we must recognise that things have changed.”

Later this year Harvey Nichols is planning to open a store in Kuwait City, number 14 in its store portfolio.

Image: Harvey Nichols
Harvey Nichols