Harrods sees profits soar
17 October 2011 09:53
Harrods has seen profits soar by 39% to £108.3 million in the year to January 29th.
The department store's new owners, Qatar Holdings which acquired company from Mohammed al-Fayed last year for £1.5 billion, reported that it also had broken through the £1 billion sales barrier.
International visitors helped to drive the record results, with Chinese visitors the top spending customers, parting with £3,500 on average per store visit.
Harrods managing director Michael Ward told the Financial Times that the retailer was investing to attract more shoppers to store. He said: "We've had the support of our new owners in continuing to spend at a rate that is really not seen anywhere else in the retail industry."
He said that £32.7 million was spent on upgrading the store last year and this will "significantly" increase in its current year.
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