Luxury retailer has focused on investing in in-store boutiques.
By Petah Marian
UK department store Harrods reported record revenue, rising 10% for the year ended February 2 2013.
In a Companies House filing the company said turnover rose to £716 million from £651 million last year.
Operating profit fell 13% to £108.8 million due to an intra-group payment of royalties to Harrods Corporate Management of £26.2 million. Excluding this, operating profit grew 8%.
Total profit after tax shot up to £632 million, up from £89.5 million last year, as it was massively boosted by the sale of trademarks for £541 million.
According to the directors’ report for the period, Harrods has been focused on investing in new luxury boutiques within its Knightsbridge store, and at airports.