LONDON — It seems that the West’s economic woes haven’t yet hit Harrods’ high spending customers.
In a report filed last week at London’s Companies House — the British equivalent of the Securities and Exchange Commission — the Knightsbridge department store reported an 8.9 percent rise in turnover to 437 million pounds, or $771.6 million, in the year to February 2, up from 401 million pounds, or $708 million, in the previous year.
The company’s profit after tax rose 9.6 percent during the period to 34 million pounds, or $60 million, from 31 million pounds, or $54.7 million, in the same period last year.
“The company’s strong growth to Feb. 2, 2008 was consistent with the previous year, with international luxury brands, fine jewelry, women’s wear, fashion accessories, children’s wear, furniture and men’s wear all reporting double digit growth,” a spokesman for Harrods said in a statement. And the spokesman said that the growth had continued through the current financial year’s tougher retail environment.
“Harrods continued to register double—digit sales growth during the second quarter ending Aug. 2, despite the generally difficult conditions in the U.K. retail sector,” he said.
He added that over the past year the company has refurbished several retail areas within its Knightsbridge store and has opened a Harrods shop at Heathrow Airport’s Terminal 5. The company said this year it would also begin an 18—month renewal of its men’s wear department.