LONDON — London department store Harrods saw its turnover climb 10.8 percent to 794 million pounds, or $1.24 billion, in the year to Feb. 1, 2014, according to accounts Harrods Limited recently filed at London’s Companies House.
The store also reported a gross transaction value – a figure that includes sales at concessions and VAT – of 1.62 billion pounds, or $2.5 billion, up 13.6 percent on the year.
The figures filed for Harrods Limited concern Harrods’ Knightsbridge store, while Harrods Group includes businesses such as Harrods’ aviation and banking activities. Turnover for Harrods Group Holdings rose 10.1 percent to 843 million pounds, or $1.32 billion during the year. All dollar figures have been calculated at average exchange rates for the period to which they refer.
Harrods Limited’s operating profit rose 13 percent during the year to 122.9 million pounds, or $191 million. Its net profit, however, fell 83 percent to 107.7 million, or $168 million, solely due to tough comparisons against an exceptional profit of 541 million pounds, or $844 million in the previous year, from the sale of trademarks.
During the year, the store increased its capital expenditure to 58.9 million pounds, or $91.8 million, from 52.1 million pounds, or $81.3 million in the previous year, which it invested in its flagship Knightsbridge stores and its airport stores.
Harrods Limited also confirmed dividend payments of 150 million pounds, or $234 million, which are understood to have been invested by Harrods’ owners back into the store.