Hike in Harrods revenue by 10% to £716 million

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%.

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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.

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