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.
Hermès is launching a Laundromat pop-up shop in NYC - dubbed Hermèsmatic - where customers can bring their old scarves to be dip-dyed by an expert. Get all the details on WWD.com. #wwdnews (📷: @donstahl)