Healthy returns for Harrods after record year

Monday, 03 November 2014

For the year ended 1 February 2014, Harrods reported a climb in turnover of 11 percent to 108.8 million pounds, compared with 716.3 million pounds the previous year. The department store called it 'another record year' and was able to pay out a dividend of 117.6 million pounds to owner Qatar Holding.

Harrods posted operating profits of 122.9 million pounds, up 13 percent from last year. Meanwhile, pre-tax profits dropped to 107.7 million pounds, compared with an exceptional 632 million pounds last year as a result of the sale of trademarks amounting to 541 million pounds.

The department store, which was acquired by Qatar Holding - the investment arm of the Qatari royal family's wealth fund - in 2010, spent 58.9 million in capital investments in the past year, focusing primarily on luxury boutiques in the Knightsbridge store and on airport stores. Harrods says it expects to maintain this level of investment during the coming year.

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