Harrods, the iconic luxury department store in London, has reported a strong rebound in its latest financial year as the impact of the COVID-19 pandemic continues to recede. The store’s sales rose by 16% to £2.03 billion in the year to January 28, 2023, marking a return to growth after a difficult period during the pandemic. The store attributed the rebound to a number of factors, including increased tourism, strong demand for luxury goods, and the success of its online business..
Online sales rose by 25% in the year, reflecting the continued shift towards online shopping. Harrods has invested heavily in its online platform in recent years, and it now offers a wide range of luxury products and services online. The store also benefited from increased tourism in the year, as international travel resumed after the lifting of pandemic restrictions..
The strong rebound in sales has helped Harrods to offset the rising costs of doing business, including inflation and supply chain disruptions. The store has also been able to maintain its profit margins, although they have declined slightly from the previous year..
Overall, Harrods is in a strong position as it emerges from the pandemic. The store has a loyal customer base, a strong brand presence, and a diversified business model. It is well-positioned to continue to grow in the years to come..
