Profits and Harrods are like a moth and a flame; that’s what the financial year ended on January 2023, revealed. The iconic Knightsbridge store sales shot up by 47% to $1.2 billion in the first full year, with doors open following the pandemic. The store is owned by the ultra-wealthy Qatar sovereign wealth fund, witnessed profits treble in the financial year from $71 million in FY22 to $201 million in FY23. The number game is strong and officially declared the high-spenders are back shopping in London, one of the best cities globally to spend your moolah. It was also an advantage to be open for the entire year, after closing for ten weeks because of pandemic lockdowns in the year to January 2022.
The retailer said it had “a strong recovery in the trade as the impact of the Covid-19 pandemic subsided, and both local and overseas customers returned”. Tim Parker, the chief financial officer at Harrods, said, “At the beginning of 2022, with many international travel restrictions still in place, there was a subdued return of the global tourism trade that is so important to the UK,” he said.
Parker said sales had been driven partly by “ongoing investment in our physical and digital estate,’ per The Guardian. Riding high on success, the retailer aims to provide its luxury-loving clientele with new womenswear and furniture rooms and expand its private shopping service in 2023. Harrods is also gearing up for exceptional customer service by hiring 400 extra staff, primarily in sales and distribution.
A spokesperson for the retailer said. “Harrods continued to outperform the wider market due to our longstanding relationships with both brands and loyal customers, fuelled by a commitment to creating innovative and exceptional offerings. We remain focused on driving future growth via the curation of exclusive products and experiences that can only be found in Harrods.”