By  on August 14, 2009

LONDON — Harrods is feeling the pinch just like every other retailer — partially thanks to some capital spending at the famed London department store.

In a report filed last week at London’s Companies House — the British equivalent of the Securities and Exchange Commission — Harrods reported that net profits fell 19.4 percent to 27.4 million pounds, or $49.5 million, in the year to Jan. 31 from 34 million pounds, or $61.5 million, in the same period last year, partly as a result of exceptional items including a charge of 2.5 million pounds, or $4.5 million, to repair the store’s terra-cotta facade. The company also spent 24 million pounds, or $43 million, on fixtures and fittings during the year, which included refurbishing its homewares area and opening a Champagne bar. The store will complete its 18-month project to renew its men’s wear floors this year.

To Read the Full Article

Tap into our Global Network

Of Industry Leaders and Designers

load comments
blog comments powered by Disqus